"The world’s biggest 60 banks have provided $3.8tn of financing for fossil fuel
companies since the Paris climate deal in 2015, according to a report by a
coalition of NGOs.
Despite the Covid-19 pandemic cutting energy use, overall funding remains on an
upward trend and the finance provided in 2020 was higher than in 2016 or 2017,
a fact the report’s authors and others described as “shocking”.
Oil, gas and coal will need to be burned for some years to come. But it has
been known since at least 2015 that a significant proportion of existing
reserves must remain in the ground if global heating is to remain below 2C, the
main Paris target. Financing for new reserves is therefore the “exact opposite”
of what is required to tackle the climate crisis, the report’s authors said."
Via Glyn Moody, who wrote "appalling"
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics