The world’s biggest banks didn’t just step away from climate pledges last year—they doubled down on fossil fuels. (Semafor)
Nearly half of last year’s $869 billion in loans and underwriting from the world’s 65 biggest banks supported companies building new oil and gas infrastructure.
Climate groups say that’s incompatible with the Paris Agreement—and the banks know it, which is likely why all of the top five fossil fuel financiers have withdrawn recently from a net-zero banking coalition.