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Banks and Climate

If we are to have any chance of halting catastrophic climate change and reaching the Paris goal of limiting climate change to 1.5 degrees, there must be a complete phaseout of extreme energy and banks must implement policies against extreme fossil fuel funding. 

Answer

RAN is pushing the banking sector to cut financing to new and existing extreme fossil fuel projects. Those sectors are: extreme oil (tar sands, Arctic, and ultra-deepwater oil), coal mining, coal power, and liquefied natural gas (LNG) export. The report also explores bank failures when it comes to protecting human rights.

Our report, released along with BankTrack, Sierra Club and Oil Change International reveals that the world’s biggest banks are continuing to fuel climate change through the financing of extreme fossil fuels, and they are funding them at a rate that will push us beyond the 1.5 degrees climate change limit determined by the Paris Climate Agreement. The report also explores bank failures when it comes to protecting human rights.

Read the 2017 Banking on Climate Change Report Card

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  • commented 2016-05-16 10:58:44 -0700
    The banking industry needs to continue to divest coal mining if the world at large is to survive.