The world’s leading financial institutions have been accused of hypocrisy over the climate emergency, after providing significant support for the fossil fuel industry over the last five years.
A report by Greenpeace, the environmental group, highlights that 24 banks which regularly attend the World Economic Forum in Davos have provided $1.4tn (£1.1tn) of financial support for the hydrocarbon sector since the Paris agreement set new emissions reduction goals in 2015.
The financial cooperation with fossil fuel firms includes loans, debt underwriting, equity issuances and direct investment. The report, called It’s the Finance Sector, Stupid, also shows how some major insurers and pension funds that flock to Davos each year are key supporters of polluting industries such as coal.
