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 Our annual Banking On Climate Chaos report is in...
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"Our success in addressing climate change depends on how quickly we can limit extraction to keep fossil fuels in the ground."
We must restructure our social and economic systems, replacing the business as usual, fossil-fueled, extractive, throwaway economy with one that protects people and the environment. However, in a time of climate crisis, Oil Majors reported record earnings in 2022 with many breaking industry records.64 This pattern will continue as long as greenwashed climate change policies support it.
Climate change mitigation consists almost entirely of carbon pricing, carbon offsets, carbon trading, and other carbon pricing schemes. From the United Nations (UN) to the state, 25 years of carbon games have not stopped fossil fuel extraction. Carbon accounting is in fact designed precisely so that polluters can
continue extracting. That is why the only way to address climate change is to stop relying on carbon trading and other greenwashed mitigation and keep it in the ground. Read more, click here Pages: 38, 39.
SEVEN YEARS + SIXTY BANKS = $5.5 TRILLION in fossil fuel financing, driving climate devastation and human rights violations in every corner of the world. The fossil fuel industry can't continue causing climate chaos without big banks.
Bank climate commitments are backed up by one thing: CASH. In 2022, once again, big banks proved that they’re committed to profits - not people and planet. We’ve been told time and time again that the climate crisis is HERE and our climate can’t take a single new fossil fuel project. Instead of investing in a just transition away from fossil fuels, big banks are continuing to finance climate destruction, to the tune of $673 BILLION last year alone.
Liquefied “natural” gas (LNG) - aka methane gas - is poison marketed as a “green fuel” by the fossil fuel industry – and it’s growing at a terrifying rate. There are 25+ LNG projects planned in the US Gulf South alone, with dozens more around the world. Financing for methane gas reached $23 BILLION in 2022, increasing by almost 50% for the top 30 LNG companies in 2022. 60 global banks have funneled a staggering $122 BILLION into these LNG-expanding companies since 2016.
Learn more at bankingonclimatechaos.org #DefundClimateChaos #BOCC
Report authors:
- Rainforest Action Network @RAN
- Indigenous Environmental Network @IENearth
- BankTrack @BankTrack
- Oil Change International @PriceofOil
- Reclaim Finance @Reclaimfinance
- Sierra Club @SierraClub
- urgewald @urgewald
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