The 15th annual Banking On Climate Chaos report found that banks including Barclays and HSBC committed 705 billion dollars to fossil fuels in 2023.
The UN says banks will play an important role in the transition by aligning their portfolios with the Paris Agreement
The UN says banks will play an important role in the transition by aligning their portfolios with the Paris Agreement. Meanwhile, a total of 3.3 trillion dollars was found to have gone towards fossil fuel expansion since 2016. It also came ninth out of the top 12 for the amount of finance committed to fossil fuels in 2023 at 24 billion dollars .April Merleaux, report co-author and research manager at Rainforest Action Network, said the report lifts the lid on the banks’ greenwashing.
The authors said every bank was contacted and given an opportunity to review the deals attributed to them. This includes three billion dollars in sustainability-linked finance for Enbridge, which is expanding oil and gas infrastructure, and Harbour Energy, the UK’s largest oil and gas producer.
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