Banks say they’re acting on climate but continue to finance fossil fuel expansion
Enlarge / A protester wearing a mask holds an anti-fossil fuels banner during the demonstration outside the Bank of England. (credit: Vuk Valcic/SOPA Images/LightRocket via Getty Images)
This article originally appeared on Inside Climate News, a nonprofit, independent news organization that covers climate, energy, and the environment. It is republished with permission. Sign up for their newsletter here.
If money makes the world go round, it should be no surprise that fossil fuel still powers the global economy. Ever since world leaders reached the Paris climate agreement in 2015 to limit warming and slash the pollution driving it, environmental groups have chronicled the continued flow of finance from the wealthiest banks to the oil and gas industry.
Climate advocates have been increasing the pressure on banks to change course, and many lenders have responded by adopting policies to reduce the climate pollution generated by their vast portfolios. Some have also pledged to stop financing certain types of fossil fuel extraction altogether, such as coal mining and Arctic drilling. But have those policies made any difference?