World Banks Invest $742 Billion in Fossil Fuels in 2021
By Reuters | Simon Jessop | Mar 30, 2022
Despite calls to tighten lending to help slow global warming, a report from Mar. 29 shows the world’s top banks provided $742 billion in finance to the fossil fuel industry in 2021. This is a slight decrease from 2020. With coal, oil, and gas being the leading causes of man-made greenhouse gas emissions, many world banks are in the crosshairs over their funding of these businesses.
Many top banks have pledged to achieve net-zero emissions across their financing ventures by 2050, but the report showed the financing has been continuing. In 2021, $185.5 billion was given to the top 100 companies expanding their production.
The report detailed loan deals along with equity and debt capital markets underwriting.
Click here to read the rest of the article.
Source: Reuters – Simon Jessop, March 30, 2022