HOW THE FINANCE FLOWS: - THE BANKS FUELLING THE CLIMATE CRISIS
2 September 2023
Far more of the world’s money is flowing to the causes of the climate crisis than to the solutions. [...] HOW THE FINANCE FLOWS: THE BANKS FUELLING THE CLIMATE CRISIS 1 New research by ActionAid shows that: • Bank financing provided to the fossil fuel industry in the Global South reached an estimated US$3.2 trillion in the seven years since the Paris Agreement on Climate Change was adopted.2 • Bank financing provided to the largest industrial agriculture companies operating in the Global South amounte. [...] Instead, the main recipients of bank financing are the largest oil and gas companies.7 • None of the banks surveyed by ActionAid have policies limiting the financing of industrial agriculture or favouring agroecology. [...] And the madness of the world’s banks and governments continuing to finance the destruction of the planet must come to an end. [...] HOW THE FINANCE FLOWS: THE BANKS FUELLING THE CLIMATE CRISIS 5 RECOMMENDATIONS Banks must: • STOP FINANCING FOSSIL FUELS: Put an immediate stop to project and corporate financing of fossil fuel expansion and all coal activities, and develop rapid exit strategies from oil and gas; • STOP FINANCING OF DEFORESTATION AND OTHER HARMFUL INDUSTRIAL AGRICULTURE ACTIVITIES: Stop project and corporate finan.