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illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:
🗞️ Driving the news: HSBC and NatWest, two major UK banks, have been accused of financing North Sea oil extraction efforts by Ithaca Energy, contradicting their net zero climate pledges
• Ithaca Energy is central to the development of the Rosebank oilfield, with Lloyds also implicated though it has since divested
🔭 The context: Over 80 organizations, including Global Witness and Greenpeace, have urged these banks to withdraw their support for Ithaca
• This action comes despite the banks' commitments as part of the Net Zero Banking Alliance to achieve net zero emissions from their financed activities by 2050
• The controversy centers around the Rosebank oilfield, poised to become the UK's largest untapped oil source, with significant CO2 emission implications
🌍 Why it matters for the planet: The development of the Rosebank oilfield by Ithaca Energy, which could produce 200 million tonnes of CO2, starkly contrasts with global efforts to combat climate change
• This situation highlights the ongoing challenge of reconciling economic interests with environmental commitments, especially among financial institutions that have publicly pledged to support the transition to a sustainable future
⏭️ What's next: The campaign against these banks funding Ithaca Energy emphasizes the need for stringent adherence to net-zero commitments and for the financial sector to align its investment strategies with global climate goals
• The outcome could influence future financing for fossil fuel projects and the credibility of corporate climate pledges
💬 One quote: "If these banks are serious about their climate pledges and tackling the climate crisis, they must stop this blatant greenwashing and cease financing Ithaca until it pulls the plug on Rosebank." - Lauren MacDonald, Stop Rosebank campaign.
📈 One stat: The UK's Rosebank oilfield is estimated to contain 500 million barrels of oil, which could result in the production of 200 million tonnes of CO2 if fully exploited.
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