Is the banking sector just one big greenwash? A report released today reveals that 60 of the world’s largest banks have poured more than $3.8 trillion into the fossil fuel industry since the Paris Agreement was adopted in 2016.
Further, fossil fuel financing was higher in 2020 than in 2016, a trend that sharply contradicts the Paris Agreement’s goal of rapidly reducing emissions in order to limit global temperature rise to 1.5C. These banks have poured nearly $1.5 trillion over the past five years into 100 top companies expanding fossil fuels.
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