Banks pouring trillions to fossil fuel expansion in global south, report finds

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

🗞️ Driving the news: A report by ActionAid reveals major banks funded $3.2tn towards fossil fuels and $370bn to industrial agriculture in the global south from 2016 to 2022
• In contrast, northern governments spent only $22.25bn annually on international climate solutions

🔭 The context: Developing nations face climate impacts and need significant funds for green adaptation, but financial firms appear to be leading them away from these solutions
• Some of the banks analyzed had already committed to decarbonisation in their domestic markets

🌎 Why does it matter for the planet: As developing countries urgently require climate action, banks' financial support for fossil fuels and agriculture is causing more carbon emissions and environmental harm

⏭️ What's next: The study recommends that governments from the Global North amplify funding for renewables, eco-friendly agriculture, and climate initiatives in less affluent countries and enforce stricter financial regulations to limit support for polluting sectors

💬 One quote: "Global banks often make public declarations that they are addressing climate change, but the scale of their continued financing of fossil fuels and industrial agriculture is simply staggering." (Teresa Anderson, ActionAid International)

📈 One stat: Between 2016 and 2022, international banks financed an average of $513bn annually on fossil fuels and industrial agriculture

Click for more news covering the latest on climate change