World’s biggest banks ‘financed fossil fuels by £5.5tn since Paris Agreement’
The world’s 60 biggest banks financed fossil fuels by 6.9 trillion dollars (£5.5 trillion) since the Paris Agreement, according to an analysis.
The banks, which include UK giants like Barclays and HSBC, committed 705 billion dollars (£562 billion) in financing to fossil fuels in 2023, according to the 15th annual Banking On Climate Chaos (BOCC) report published on Monday.
It comes seven years after the legally binding international treaty to try to limit warming to 1.5C above pre-industrial levels came into force in 2016.
The UN says banks will play an important role in the transition by aligning their portfolios with
