The world's 60 largest banks have invested $6.9 trillion in the oil and gas industry since the Paris Agreement was signed in 2016.
There is no large international bank without a net-zero plan. These plans invariably include curbs in lending to the oil and gas industry. Yet despite these plans. Most of the world’s top lenders continue doing business with the oil industry—and they’ve been doing more of it lately.
Those record profits were driven by the energy crunch in Europe that highlighted the importance of energy security in a way that everyone could understand—except climate NGOs, it appears. The Oil Change International report says that financing for liquefied natural gas increased last year, hitting $120.9 billion. From their perspective, this must be a worrying trend.
Fossil Fuels Financing ESG Fracking
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