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Climate arsonists: Financial actors invest billions into fossil fuels despite net zero pledges, says study

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Climate arsonists

Climate arsonists

Recent research comparing industry promises to endure action by the France-based group Reclaim Finance shows banks and financial institutions, a part of the Glasgow Financial Alliance for Net Zero (GFANZ) enterprise, continue to invest billions in fossil fuels. The enterprise launched by the former Bank of England governor, Mark Carney, in 2021 includes 450 associations across 45 countries with the help of more than $130 trillion who signed up to align their investments with limiting global temperature rise by 1.5 degree Celsius above pre-industrial levels.

The report published, on Tuesday (January 17), by 13 NGOs, including Reclaim Finance, proclaims that 56 of the most prominent member banks of the Net-Zero Banking Alliance (NZBA) have delivered $270 billion to 102 major fossil fuel creators through 134 loans and 215 underwriting deals. This includes several significant banks across Europe, the United Kingdom, and the United States.

“These 102 companies are currently planning to bring into production an extra 137 billion barrels of oil equivalent, equal to 60 per cent of the new oil and gas the industry intends to bring on-line by 2030,” stated the report.

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