Large global banks are spending billions on oil and gas projects despite their participation in the Net Zero Banking Alliance (NZBA), which claims to take steps to achieve net-zero emissions goals, ShareAction climate campaigners have found.
“NZBA [24] members provided at least $44.6 billion in financing to the top upstream oil & gas expanders since they joined the alliance last year. More than half of this was provided by four founding signatories: Barclays, BNP Paribas, Deutsche Bank and HSBC,” the group states in its report, published on Monday.
According to activists’ estimations, HSBC poured some $8.7 billion into new oil and gas projects in 2021, while Barclays put in $4.5 billion, and Deutsche Bank loaned $5.7 billion. BNP Paribas spent $46 billion on new fossil fuel projects since 2016 and boosted financing by 16% in 2021 compared to pre-pandemic levels. The banks’ funds were received by energy majors including Exxon Mobil, Shell, BP, and Saudi Aramco.
“Despite many banks making net zero commitments in 2021 or before, many have actually increased their fossil fuel expansion financing in 2021… There is an increasing spotlight on oil & gas expansion,” ShareAction reports.
Apart from the four largest investors in the sector, the group also named Credit Suisse, ING, Intesa Sanpaolo, UBS, Nordea, and Danske Bank among fossil fuel project supporters.
The man who critically injured Slovak Prime Minister Robert Fico on Wednesday was a fierce…
The Asia-Pacific region should be free of military blocs because of their potential to undermine…
Russian President Vladimir Putin was welcomed with an honor guard after his plane touched down…
Russian President Vladimir Putin has set the stage for his state visit to China by…
С каждым днем онлайн-казино становятся все более популярными среди азартных игроков. И это вполне логично:…
Russian President Vladimir Putin has officially appointed Andrey Belousov as the new minister of defense.Belousov,…