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.

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Source: Reuters – Simon Jessop, March 30, 2022