Top banks continue funding fossil fuels despite green promises

© Reuters/Henry Nicholls

Some of the world's top banks, including some French ones, continue to fund new oil and gas projects while being part of industry groups aimed at reaching carbon neutrality, NGOs have warned.

Nine NGOs found that many lenders in the Glasgow Financial Alliance for Net Zero are continuing to fund new oil projects, incompatible with limiting global warming to 1.5 degrees Celsius.

The Glasgow Alliance has emerged as the key climate alliance for finance industry firms committed to reaching carbon neutrality by 2050.

US lenders, French banks

At the top of the list of banks not meeting their own pledges and continuing to fund and invest in fossil fuel projects are two lenders based in the United States: Citigroup and Bank of America. In third place is Japan's MUFG.

French banks BNP Paribas, Société Générale and Crédit Agricole are 15th, 16th and 17th respectively on the list, with six to seven billion dollars in funding.

In their report published Tuesday, the climate groups point to asset managers who continue to hold stocks of oil and gas firms that are developing new projects.

(with AFP)

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