Banks are funding $750 billion value of fossil gasoline tasks EVERY YEAR

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The brand new Intergovernmental Panel on Local weather Change (IPCC) Working Group III report has simply come out. The report appears to be like into the progress made in limiting world emissions and the obtainable mitigation choices throughout methods and sectors within the brief, medium, and long-term, and follows quick on the heels of reviews I and II. Working Group I confirmed that local weather change is widespread, speedy and intensifying; Working Group II pressured that cumulative scientific proof is unequivocal: local weather change is a risk to human wellbeing and the well being of the planet.

As Oxfam notes it’s clear that “the world is heading for two.7°C of warming underneath present plans. That could be a loss of life sentence for climate-vulnerable international locations like Vanuatu and Bangladesh.”

Yawn.

Heard all that earlier than, so what? So, what? SO WHAT? I’ll flip off the lights and return to mattress?

Effectively the so what? Is delivered in one other report launched on March thirtieth:

The thirteenth annual Banking on Local weather Chaos report, probably the most complete world evaluation on fossil gasoline banking up to now, underscores the stark disparity between public local weather commitments being made by the world’s largest banks, versus the truth of their largely business-as-usual financing to the fossil gasoline business. The report paperwork that within the six years for the reason that Paris Settlement was adopted, the world’s 60 largest non-public banks financed fossil fuels with USD $4.6 trillion, with $742 billion in 2021 alone. 2021 fossil gasoline financing numbers remained above 2016 ranges, when the Paris Settlement was signed. Of explicit significance is the revelation that the 60 banks profiled within the report funnelled $185.5 billion simply final 12 months into the 100 firms doing probably the most to broaden the fossil gasoline sector.

It’s attention-grabbing that The Monetary Occasions noticed that probably the most funding comes from simply 4 massive banks (all American):

Fossil gasoline financing remained dominated by the identical 4 US banks, led by JPMorgan Chase, and adopted by Wells Fargo, Citi and Financial institution of America, in line with the annual report produced by a coalition of marketing campaign teams organised by the Rainforest Motion Community. All 4 banks are members of the so-called Web-Zero Banking Alliance that’s a part of Carney’s Glasgow Monetary Alliance for Web Zero umbrella group. The group made the declare on the UN local weather summit in Glasgow in November that $130tn of personal sector belongings was dedicated to attaining internet zero greenhouse gasoline emissions.

Much more noteworthy is that, of the 44 banks that had dedicated to internet zero emissions, 27 had no “significant coverage”. Because of this, these banks can proceed funding fossil gasoline tasks with out breaching insurance policies. Oh my …

You’ll be able to obtain the report and get entry to all the info right here.

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