In 2022, Banks Invested $150 Billion In FF Projects W. Collective Carbon Output 4X Size Of Carbon Budget
Banks pumped more than $150bn last year into companies whose giant “carbon bomb” projects could destroy the last chance of stopping the planet heating to dangerous levels, the Guardian can reveal.
The carbon bombs – 425 extraction projects that can each pump more than one gigaton of carbon dioxide into the atmosphere – cumulatively hold enough coal, oil and gas to burn through the rapidly dwindling carbon budget four times over. Between 2016 and 2022, banks mainly in the US, China and Europe gave $1.8tn in financing to the companies running them, new research shows.
The climate rhetoric did not match up with what was happening on the books, said Shruti Shukla, an energy campaigner at the National Resources Defense Council, which was not involved in the investigation. “We need to rapidly decline our production of fossil fuels and support for fossil fuels, whether that’s regulatory or financial.”
The carbon bombs, which were first identified in an academic database by the Guardian and partners last year, are the single biggest sources of fuels that release planet-heating gas when burned. Data for Good and Éclaircies, two French non-profits, and several European media outlets have now used publicly available data to map out the companies that operate the carbon bombs and the banks that finance them.
EDIT
https://www.theguardian.com/environment/2023/oct/31/banks-pumped-more-than-150bn-in-to-companies-running-carbon-bomb-projects-in-2022
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