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Exposing climate killers

by PhilLee — last modified Dec 01, 2011 11:29 AM

A new report launched today names and shames the banks that are financing the dirty energy investments that are heating up the globe.

Bankrolling climate change

Today in Durban, social and environmental justice organisations, including Friends of the Earth South Africa, launched 'Bankrolling climate change', a new report that names and shames the banks that are financing the dirty energy investments that are heating up the globe.

 

The report contains new research on the portfolios of 93 of the world’s leading banks and their lending for the coal industry, the prime source of global CO2 emissions.


Read the report here

 

We all know that climate change is happening. But do we know who is financing the dirty energy investments that are heating up the globe? Until now, there has been little investigation of the banks’ role and responsibility for global warming.

 

While most large commercial banks provide figures on their annual investments into renewable energy, they neither track nor publish their annual investments into fossil fuel projects. Many banks have made far-reaching statements on the climate, but are they putting their money where their mouth is?

 

Speaking at the event, Bobby Peek from Friends of the Earth South Africa explained the purpose of the report:

 

“Our study names and shames the banks that are destabilising our climate system. Plans for new coal fired power plants and coal mines are meeting with fierce resistance all over the world and we are going to begin turning that heat on the banks."

 

Coal in the hole painting During the event the report authors disclosed the top twenty “climate killers” in the banking world - the banks who are financing the most polluting projects. Number one on the list is JPMorgan Chase who like to declare in their advertising that they're “helping the world transition to a low-carbon economy.”


outside the talks

Later in the day, outside the big polluters were again under fire at Speakers Corner.

 

There Friends of the Earth International, OilWatch, the Indigenous Environmental Network and others called on governments around the world to "Keep the oil in soil, the coal in the hole and tar sands in the land."

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