'Now is the time for banks to get real with the science, and announce a science-based moratorium on funding new fossil fuel projects,' CampanaleMark said in response to a new report from ShareAction.
in its most recent World Energy Outlook that coal, oil, and gas must stay in the ground to have a fighting chance of limiting global warming to 1.5°C above preindustrial levels by the end of the century.
Led by top offenders HSBC , Barclays , and BNP Paribas , 25 European banks have financed"upstream oil and gas expanders" to the tune of more than $400 billion since 2016. Nevertheless, with oil and gas companies expected to invest $150 billion in new projects in 2022, European financial institutions are doing next to nothing to prevent that from happening. Last year, for instance, Credit Suisse, ING, Intesa Sanpaolo, UBS, Nordea, and Danske Bank increased their fossil fuel funding.
Monday in a statement praising ShareAction's report."Now is the time for banks to get real with the science, and announce a science-based moratorium on funding new fossil fuel projects."