Among world’s top 60 banks those in US are biggest fossil fuel financiers, while Barclays leads way in Europe
The world’s big banks have handed nearly $7tn (£5.6tn) in funding to the fossil fuel industry since the Paris agreement to limit carbon emissions, according to research.
In 2016, after talks in Paris, 196 countries signed an agreement to limit global heating as a result of carbon emissions to at most 2C above preindustrial levels, with an ideal limit of 1.5C to prevent the worst impacts of a drastically changed climate.
In this case, regulation is the only way to slow down something that is otherwise quite profitable, as the money is not “given” but those are.loans that are being repaid. But then regulation is not perfect since regulatory bodies are staffed by former bank executives.