The world’s largest banks are investing billions into heavily polluting industries, despite publicly endorsing measures intended to combat the climate crisis.
The banking system is being financially incentivised to prioritise the still-profitable oil, gas and coal industries over long-term investments in emerging renewable technologies – and is likely to continue doing so without strict political oversight.
In March, a report entitled ‘Banking on Climate Chaos’ revealed that, despite the use of cynical PR tactics and attempts to ‘offset’ carbon emissions through carbon reduction initiatives, the 60 largest private banks in the world had poured $4.6tn (£3.8tn) into fossil fuels since the 2015 Paris Agreement.
