Barclays and HSBC among biggest backers of fossil fuels projects, report finds
The world’s 60 largest commercial and investment banks poured a total US$3.8 trillion into fossil fuels between 2016 and 2020, according to a report by a group of non-governmental organizations.
JP Morgan Chase (NYSE:JPM) financed the most deals by value, investing US$316.7bn over the five years, with North American banks – Citigroup (NYSE:C), Wells Fargo (NYSE:WFC), Bank of America (NYSE:BAC) and RBC (TSE:RY) – making up the top five.
North American and European banks dominated the list mainly due to financing for the oil and gas sector, the report showed.
Barclays (LON:BARC) was the highest placed UK lender, in ninth place overall with US$57.8bn of funding over five years. HSBC (LON:HSBA) was in 11th with US$51bn.
Standard Chartered was in 34th place with US$8.5bn of funding, while Natwest Group (LON:NWG) and Lloyds Banking Group (LON:LLOY) were in 48th and 49th with US$4.1bn and US$3.4bn.
While fossil fuel financing dropped 9% last year, as fossil fuel demand and production shrank due to the COVID-19 pandemic, the 2020 levels remained higher than in 2016, the year after the adoption of the Paris climate agreement, and in 2017.
“The overall fossil fuel financing trend of the last five years is still heading definitively in the wrong direction, reinforcing the need for banks to establish policies that lock in the fossil fuel financing declines of 2020, lest they snap back to business-as-usual in 2021,” the report said.
The report, “Banking on Climate Crisis” also assesses the current wave of bank commitments to reduce their financed emissions to net zero by 2050.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/944767/barclays-and-hsbc-among-biggest-backers-of-fossil-fuels-projects-report-finds-944767.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Visits: | 1,707,156,046 |
| Stories: | 8,447,324 |
Whistler Blowers, Insiders
