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‘Alarming’ Report Shows $1.9 Trillion in New Fossil Investment Since Paris Accord – The Energy Mix

by pmnationtalk on March 20, 2019161 Views


March 20, 2019

Leading global banks have invested nearly US$2 trillion in fossil projects since the Paris Agreement was signed, according to an annual report card released today by the Rainforest Action Network, BankTrack, Sierra Club, Oil Change International, the Indigenous Environmental Network, and Honor the Earth.

“Alarmingly, these findings reveal that the business practices of the world’s major banks continue to be aligned with climate disaster and stand in sharp contrast to the recent IPCC special report on global warming,” the organizations state in a release. Of the $1.9 trillion in total investment from 33 global banks, “$600 billion went to 100 companies that are most aggressively expanding fossil fuels,” despite the IPCC pointing to $2.4 trillion in annual clean energy investment needs through 2035.

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