Worst Banks Since The Paris Agreement

Indigenous Environmental Network publishes the Bank`s following report on climate change, in partnership with Rainforest Action Network, Banktrack, Sierra Club, Oil Change International and Honor the Earth This 10th edition of the “Bank on Climate Change” report has expanded considerably. For the first time in this report, 33 global banks are awarded and rewarded to 1,800 companies from across the fossil fuel industry. But years later, our 1.5oC scorecard shows that the big banks have made fun of these commitments and have jointly lent $35.5 billion to the coal, oil and gas industry. Our research shows that it is unacceptable for banks to allow new loans and raise capital for the companies that push the most to increase their CO2 emissions. Sonia Hierzig, joint head of Financial Sector Research – Standards at ShareAction and author of the report, said: “The results of our research could not be clearer: the European banking sector is evolving at a frigid pace in the context of the climate crisis, which is lacking for shareholders, customers and society as a whole. We expected that, since our last evaluation three years ago, we have made much more progress, not broken margins. Although some banks have the greatest practice in some areas, the measures taken by some banks open them up to the risk of formal actions, as is the case this year with Barclays. The big four banks lent to Ichthys. Since 2016, ANZ and Westpac have funded the project during construction, while in June 2020, CommBank and NAB joined as lenders. The way banks can challenge their Paris commitments by supporting one of the world`s largest and most expensive LNG megaprojects is staggering.

Despite their commitments under the Paris agreement, the big four have borrowed nearly three times as much from fossil fuels as renewables since 2016. Renewable energy accounted for only $12.6 billion of their total loan, compared to $35.5 billion for fossil fuels. Similarly, some banks have begun to introduce exclusions for certain forms of unconventional oil and gas, including oil sands and Arctic drilling, but strategies for conventional oil and gas consumers are lacking. From British hydraulic fracturing sites to coal mines in Colombia, banks are looking for profit at the expense of climate. Among the banks that have invested in the company that builds the Dakota pipeline are three British banks, including HSBC, Barclays and RBS. HSBC, Barclays and Aviva have also invested in Kinder Morgan, which has just been approved by the Canadian government to build a huge oil sands pipeline – a climate disaster and perhaps the “Canadian Standing Rock” because of strong opposition from Aboriginal peoples. Anyone can go to these banks and tell them to get their money out of this shameful project, but the biggest effect will be that customers sell their own bank accounts.