Bankrolling Climate change: A Look into the Portfolios of the World’s Largest Banks, a report published by urgewald, groundWork, Earthlife Africa Johannesburg and BankTrack.
Do we know who is financing the dirty energy investments that are heating up the globe? Until now, little was known about banks’ role and responsibility for global warming. While most large commercial banks provide figures on their annual investments into renewable energy, they neither track nor publish their annual investments into fossil fuel projects. Many banks have made farreaching statements on climate, but are they putting their money where their mouth is?
This study presents new research on the portfolios of 93 of the world’s leading banks. It examines their lending for the coal industry, the prime source of global CO2 emissions. It provides the first comprehensive climate ranking for financial institutions and identifies the top “climate killers” in the banking world.
By naming and shaming these banks, we hope to set the stage for a race to the top, where banks compete with each other to clean up their portfolios and stop financing investments which are pushing our climate over the brink. We want banks to act and we want them to act now.