Big Banks say little about climate change…and do even less!

Big banking is saying little on how they will combat climate change through their financing, shows a new study which finds minimal, clear commitments to aid financing away from fossil fuels.

The top 10 banks – ranked as the largest funders of fossil fuel organizations – are talking more about climate change in general. However, in an analysis of annual reports, these banks were found to be vague when it comes to initiatives to counter it.

In 2020 alone, $425.92 billion was spent financing fossil fuels by this group – which includes banks from the US, such as JP Morgan Chase; the UK, Barclays; Canada, Toronto Dominion Bank; and Japan, Mitsubishi UFJ Financial Group…

“If one should ‘follow the money’ to find the culprits of a crime, what does that say for the significant amounts of money that the financial industry puts into fossil fuels,” questions author Associate Professor Åsa Löfgren, from Gothenburg’s Department of Economics.

“In the annual reviews that we studied, the climate change-related efforts of these huge businesses tend to relate to the direct effect of their work, such as reducing their buildings’ use of electricity. There is little or no recognition of the indirect, but significant, effect of their clients’ emissions.

“This absence of commitments may reflect an absence of critical reflection on their responsibility for financing climate change.”

With beautiful graphics and skilled writers, these masters of global money produce models of how to misdirect the public eye. A few quasi-meaningful quotes that beg the question, “Are we doing anything that results in truly productive change?” Something to be quoted in press conferences. Ignoring opportunities to take funding away from polluting profiteers. Ignoring opportunities to bankroll progressive startups, even those few firms prepared to attempt transformation.

3 thoughts on “Big Banks say little about climate change…and do even less!

  1. Cassandra says:

    “Climate change: Food systems are key to our collective survival”
    “The recent UN Intergovernmental Panel on Climate Change (IPCC) report was not only the bleakest warning to date of the inevitable and catastrophic impact of climate change, but it was also the clearest recognition that “food systems” are key to our collective survival.
    With some 240 mentions throughout the report, the world’s top climate scientists made clear that the transformation of global food systems would be instrumental in meeting global goals for human rights, equality and climate change.”
    IPCC: “Climate Change 2022 : Impacts, Adaption, Vulnerability. Summary for Policymakers”

  2. Update says:

    Embattled World Bank leader ‘slow-walking’ climate initiatives
    World Bank chief David Malpass tried desperately Thursday to convince global leaders that he knows climate change is caused by burning oil, gas and coal. But, by then, the bank itself was under scrutiny for propping up fossil fuel production.
    “I am not a denier,” Malpass said during an appearance on CNN International.
    Later, in an email to staff, the World Bank president asserted that the comments he made earlier this week casting doubt on mainstream climate science were “incorrect and regrettable.”
    His efforts to escape the public perception that he’s a climate denier collided with growing concerns that the world’s top development bank is led by a Trump appointee who observers say has slow-walked the organization’s transition away from financing fossil fuel projects in some of the planet’s poorest nations.

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