More than 140 banks worldwide have "pledged" to cut emissions associated with their lending and investments to almost zero by 2050.
But meanwhile...
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Less than a hundred miles from where world leaders are discussing how to meet their climate pledges, BP is drilling for gas. The project, a sprawling gas field off the Azerbaijani coast, could inject more than 1 billion metric tons of carbon into the atmosphere, striking a major blow to efforts to slow global warming.
BP has said it intends to invest heavily in new oil and gas fields in the coming years. But it would be unable to pursue these dirty projects without billions in support from big banks. Citigroup, JPMorgan Chase, and Wells Fargo, along with a number of other banks, all helped BP raise more than $5 billion last year.
Since May 2021, global banks committed to "Net-zero" have poured almost $1 trillion into companies pursuing expansion of oil and gas projects that would push the world beyond its survivable limits. Taken together, these projects would produce almost seven times the annual emissions of the U.S.
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FULL STORY -- https://grist.org/accountability/net-zero-banks-raised-1-trillion-for-fossil-fuel-giants/
#Environment #Climate #ClimateChange #ClimateCrisis #Economics #Capitalism #BusinessAsUsual
But meanwhile...
___________________________________
Less than a hundred miles from where world leaders are discussing how to meet their climate pledges, BP is drilling for gas. The project, a sprawling gas field off the Azerbaijani coast, could inject more than 1 billion metric tons of carbon into the atmosphere, striking a major blow to efforts to slow global warming.
BP has said it intends to invest heavily in new oil and gas fields in the coming years. But it would be unable to pursue these dirty projects without billions in support from big banks. Citigroup, JPMorgan Chase, and Wells Fargo, along with a number of other banks, all helped BP raise more than $5 billion last year.
Since May 2021, global banks committed to "Net-zero" have poured almost $1 trillion into companies pursuing expansion of oil and gas projects that would push the world beyond its survivable limits. Taken together, these projects would produce almost seven times the annual emissions of the U.S.
___________________________________
FULL STORY -- https://grist.org/accountability/net-zero-banks-raised-1-trillion-for-fossil-fuel-giants/
#Environment #Climate #ClimateChange #ClimateCrisis #Economics #Capitalism #BusinessAsUsual
‘Net-zero’ banks raised $1 trillion for fossil fuel giants
Taken together, the projects being financed would produce almost seven times the annual emissions of the United States.Josephine Moulds, The Bureau of Investigative Journalism (Grist)
