HOW THE FINANCE FLOWS: - THE BANKS FUELLING THE CLIMATE CRISIS
2 September 2023
Instead, the main recipients of bank financing are the largest oil and gas companies.8 HOW THE FINANCE FLOWS: THE BANKS FUELLING THE CLIMATE CRISIS 8 • None of the banks surveyed by ActionAid have policies limiting the financing of industrial agriculture or favouring agroecology. [...] “The oil has damaged everything.” CREDIT: Nora Awolowo/ ActionAid HOW THE FINANCE FLOWS: THE BANKS FUELLING THE CLIMATE CRISIS 24 DEBUNKING THE DEVELOPMENT MYTHS OF FOSSIL FUELS AND INDUSTRIAL AGRICULTURE One of the most common rationales used to justify the expansion of fossil fuels and industrialised agriculture in the Global South is that these sectors provide development benefits to lower inco. [...] THE MONEY FLOW: HOW FINANCIAL FLOWS ARE HARMING THE PLANET THE BANKS THAT ARE FINANCING THE CLIMATE CRISIS As the climate crisis continues to escalate, the global financial system continues to pump billions of dollars into fossil fuels and industrial agriculture – the two largest contributors to climate change. [...] HOW THE FINANCE FLOWS: THE BANKS FUELLING THE CLIMATE CRISIS 30 Combined average annual bank financing to fossil fuels and industrial agriculture in the Global South 2016-2022: $513bn Financial support for climate action in the Global South 2020: $22.25bn CHINA The largest share of financing is provided by Chinese banks and goes to Chinese companies because China has the biggest economy of those s. [...] HOW THE FINANCE FLOWS: THE BANKS FUELLING THE CLIMATE CRISIS 37 AMERICAS BANK OF AMERICA Bank of America is the second largest bank in the Americas and the sixth largest globally.168 It is headquartered in the USA and has a presence in over 35 countries.