Banks with ‘Net-Zero’ Pledges Are Among the Top Funders of Fossil Fuels

Banks with ‘Net-Zero’ Pledges Are Among the Top Funders of Fossil Fuels
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Banks and finance institutions that have signed up to net zero pledges are still investing heavily in fossil fuels, research has shown, leading to accusations they are acting as “climate arsonists”. But at least 56 of the biggest banks in the net-zero banking alliance grouping (NZBA) have provided $270bn to 102 fossil fuel companies for their expansion, through 134 loans and 215 underwriting arrangements, according to Reclaim Finance. GFANZ companies are also failing to divest from fossil fuels. In the net zero asset managers grouping (NZAM), another part of GFANZ, at least $847bn in assets in more than 200 fossil fuel companies were held by the 58 largest members, as of last September. 

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