Banking on climate change 2017
Some of the world’s top banks are continuing to lend tens of billions for extracting the most carbon-intensive fossil fuels, according to a report of top lenders. Finance provided for these fossil fuels – tar sands and other unconventional oil and gas, as well as coal and liquefied natural gas – amounted to $87bn for the top 37 banks in 2016. That represented a slump of more than a fifth compared with the $111bn raised the previous year, and was also down on 2014’s total of $92bn. However, the analysis, carried out by a group of NGOs including the Rainforest Action Network and Sierra Club, showed that multinational banks around the globe, including many household names, were trumpeting their green credentials while continuing to pour money into the dirtiest fuels. The report, entitled Banking on Climate Change 2017, scored the institutions from A to F on their practices, including the banks’ policies, the nature of the investments, the size and type of transactions, and the impact on climate change.
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