'Alarming' report shows $19 Trillion in new fossil investm

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'Alarming' report shows $19 Trillion in new fossil investment since Paris Accord

[ https://www.theenergymix.com/alarming-r ... dium=email ]

The Energy Mix - March 19, 2024

EXCERPT: "Leading global banks have invested nearly US$2 trillion in fossil projects since the Paris Agreement was signed, according to an annual report card released today by the Rainforest Action Network, BankTrack, Sierra Club, Oil Change International, the Indigenous Environmental Network, and Honor the Earth.

“Alarmingly, these findings reveal that the business practices of the world’s major banks continue to be aligned with climate disaster and stand in sharp contrast to the recent IPCC special report on global warming,” the organizations state in a release. Of the $1.9 trillion in total investment from 33 global banks, “$600 billion went to 100 companies that are most aggressively expanding fossil fuels,” despite the IPCC pointing to $2.4 trillion in annual clean energy investment needs through 2035. . . . .

“These banks are funding a future that will cost the well-being of the next seven generations of life and beyond,” said Indigenous Environmental Network Executive Director Tom Goldtooth. “Indigenous prophecy now meets scientific prediction. Mother Earth and Father Sky is out of balance. Indigenous knowledge and western science both clearly demand that we must rapidly divest from fossil fuels in order to avoid complete climate disaster. Any financial institution that refuses to take action should be stripped of its social licence to operate and be held accountable for its investments.” . . . . "

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