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Banks have given almost $7tn to fossil fuel firms since Paris deal, report reveals

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:

🗞️ Driving the news: According to the latest "Banking on Climate Chaos" report, the world's top 60 banks have provided nearly $7 trillion in financing to the fossil fuel industry since the Paris Agreement was signed in 2016
• This financing includes substantial sums directed towards expanding fossil fuel operations

🔭 The context: The Paris Agreement, signed by 196 countries, aimed to limit global warming to well below 2°C, ideally 1.5°C
• However, despite these environmental goals, substantial financial support for fossil fuel industries continues, with major banks involved in underwriting and lending to these companies

🌍 Why it matters for the planet: The continued financial support for fossil fuels contradicts global efforts to reduce carbon emissions and combat climate change
• This financing enables the expansion of oil, gas, and coal companies, significantly impacting global carbon budgets and hindering progress towards climate goals

⏭️ What's next: The report highlights the ongoing challenge of aligning financial practices with climate commitments
• As scrutiny over bank financing increases, there may be growing pressure on financial institutions to decrease their involvement with fossil fuel projects and increase support for sustainable and renewable energy sources

💬 One quote: "Financiers and investors of fossil fuels continue to light the flame of the climate crisis," said Tom BK Goldtooth, executive director of the Indigenous Environmental Network.

📈 One stat: In 2023 alone, banks provided $705 billion in financing to fossil fuel companies, with $347 billion aimed specifically at expansion.

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