Since 2016, the year the Paris agreement took effect, the world’s 60 largest private banks have provided $5.5 trillion in financing to the fossil fuel industry, contravening their pledges to put themselves and their clients on a path to net-zero greenhouse gas emissions as the window to avert the worst effects of the climate crisis rapidly closes.
That’s according to the latest iteration of Banking on Climate Chaos, an annual report that tracks how the financial industry’s lending and underwriting practices are enabling new coal, oil, and gas projects to proceed despite the international scientific consensus that fossil fuel expansion is incompatible with limiting global warming to 1.5°C above preindustrial levels.
Authored by Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, and Urgewald and endorsed by 624 organizations from […]
In my heart of hearts, somehow I don’t find this surprising.. As a retired banker (small scale), I find that this is absolutely the name of the game. Profits in neo liberal economic systems over-rides everything else… 🙁 It appears doubtful that we can turn this around. However, your experiments and future projections on to the 2060’s does give some hope of a possible reprieve…let’s hope so…
Just another sign from the “Military-Industrial-Banking-Complex” which controls our country. The people who are voters should be more intelligent, and know what is going on and get rid of all Republicans.