Lenders are critical players in the transition to a lower carbon economy and curbing the chances of cataclysmic global warming.. Read more at straitstimes.com.
With the ink hardly dry on a landmark pledge by the finance industry to fight climate change, the world’s biggest banks are making clear they plan to stand by their fossil-fuel clients.
How quickly lenders pull off a transition to finance a lower carbon economy will play a major role in determining the planet’s chances of avoiding a cataclysmic degree of overheating.
Despite investor and societal pressure, banks worldwide continue to lend money and underwrite bonds issued by oil, gas, and coal companies, with bond deals in fossil fuels arranged by banks at nearly $250 billion in 2021