Banks| Policies| Dodgy Deals| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2023-01-23 00:00:00
Berta Cáceres: new rules for banks could help stop defender killings
2023-01-16 00:00:00
In the balance: Why European due diligence legislation must cover financial services
2022-12-08 00:00:00
Exposed: Western banks funding Qatar’s carbon bombs
2022-12-08 00:00:00
Right-wing attack on sustainable finance is the latest form of climate denial
2022-12-14 11:08:26
HSBC announces it will no longer finance new oil and gas fields
2022-10-13 15:56:39
More major banks and insurers refuse to support EACOP
2022-09-16 10:38:48
European Parliament passes emergency resolution against human rights violations & environmental threats linked to EACOP
2022-06-27 09:49:16
Crédit Agricole takes first step to phase out from the oil and gas sector
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
See all publications
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Home › News
New report: Funding Climate Chaos
How UK Banks are continuing to fund the climate crisis
Start
Banks

By: 350.org, People & Planet, Platform London & The Sunrise Project
2020-04-23

Share this page:

Photo: Funding Climate Chaos
Go to:
Start
Related Banks

Today, a group of organisations - 350.org, Platform London, People & Planet and The Sunrise Project - launch "Funding Climate Chaos", a new report highlighting the role of UK banks in funding the climate crisis, focusing on Barclays and HSBC and referencing data from the Banking on Climate Change report. Download the report here.

Executive summary

The financial impact of the Covid-19 crisis, on top of a crash in oil prices, has shown us ever more clearly that economies based on fossil fuels are vulnerable in an emergency. We have to respond to the immediate health and economic crisis we face, but we must also take this moment to make sure that we build the resilience we need to handle other crises in the future.

Despite this urgent need to move away from fragile, fossil fuel-based economies, drilling for oil in the arctic and in deep water, extracting oil from tar sands, and fracking shale rock for gas continues to cause damage to lives, livelihoods and habitats. These expensive extraction projects can’t go ahead without outside investment and thirty-five global banks have proven to be willing partners, having together invested £2 trillion* in the fossil fuel industry’s continued growth since 2016. Without these funds, the climate destroying activities of corporations like BP and Shell are not possible.

UK banks Barclays and HSBC are the worst offenders in Europe.

The plans laid out by governments and companies would lead to a 4°C increase in global temperatures, leading to droughts, flooding, food and water shortages and mass migration. Companies won’t stop digging and burning fossil fuels on their own, so in order to protect a habitable planet and organised society we must cut off the finance they need to grow these projects.

Our first priority must be to make sure that banks do not use the Covid-19 emergency to roll back existing or planned climate regulations. Any public money allocated to companies, including banks, must come with a condition that their plans will reduce emissions in line with the Paris Agreement.

Covid-19 isn’t a ‘one-off’ event from which we will just return to the same ways of working. We must recognise and fix our broken systems, which have shown how vulnerable we are to emergencies. It is time for bold, transformational change that centres ordinary people and the planet.

*Exchange rate on 10th March 2020

Go to:
Start
Related Banks

Related banks

Barclays United Kingdom

active

HSBC United Kingdom

active
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Vismarkt 15
6511 VJ Nijmegen
The Netherlands

Tel: +31 24 324 9220
Contact@banktrack.org
©2016 BankTrack                Webdesign by BankTrack and EASYmind
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted