How Banks Are Continuing To Fund The Climate Crisis
This report is a collaboration between People & Planet, 350.org and Platform. Click here for the report.
The financial impact of the Covid-19 crisis, on top of a crash in oil prices, has shown us ever more clearly that economies based on fossil fuels are vulnerable in an emergency. We have to respond to the immediate health and economic crisis we face, but we must also take this moment to make sure that we build the resilience we need to handle other crises in the future. Despite this urgent need to move away from fragile, fossil fuel-based economies, drilling for oil in the arctic and in deep water, extracting oil from tar sands, and fracking shale rock for gas continues to cause damage to lives, livelihoods and habitats. These expensive extraction projects can’t go ahead without outside investment and thirty-five global banks have proven to be willing partners, having together invested £2 trillion*[$2.7 trillion] in the fossil fuel industry’s continued growth since 2016. Without these funds, the climate destroying activities of corporations like BP and Shell are not possible. UK banks Barclays and HSBC are the worst offenders in Europe.