A new study reveals that banks are greenwashing their climate commitments by secretly funneling trillions of dollars to fossil fuel companies through tax havens.
Trillions of U.S. dollars are being “greenwashed” by banks extending loans and credit lines to subsidiaries of fossil fuel companies in secrecy jurisdictions , thus helping hide the true scale of banking support for oil, gas, and coal, a new study by NGO Tax Justice Network showed on Wednesday.
“It is widespread practice among fossil fuel companies to establish financing subsidiaries in secrecy jurisdictions, from which they move funds to expand fossil fuel activities in other locations,” Tax Justice Network’s report said.
Banks Greenwashing Secrecy Jurisdictions Tax Havens Climate Change Financing Investments Tax Justice Network Ngos
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