'Banking on Climate Chaos': How banks have provided fossil fuel firms with almost $7tr since the Paris Agreement - BusinessGreen
'Banking on Climate Chaos': How banks have provided fossil fuel firms with almost $7tr since the Paris Agreement | BusinessGreen News Analysis
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Fifteenth annual Banking on Climate Chaos study finds world's biggest banks gave more than $705bn to fossil fuel firms in 2023 alone, despite many being committed to reaching net zero emissions
The world's 60 largest private banks have provided just shy of $7tr in funding to the fossil fuel industry since 196 nations signed the Paris Agreement, with $705.8bn of investments confirmed in 2023 alone,...
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”