How the Finance Flow: The Banks Fuelling the Climate Crisis

The report "How the Finance Flows: The Banks Fuelling the Climate Crisis" by ActionAid International reveals that major international banks have been financing fossil fuels and industrial agriculture in the Global South, two of the largest contributors to climate change.

The report found that since the Paris Agreement in 2015, banks have provided $3.23 trillion in financing to fossil fuel operations in the Global South. This includes close to US$870 billion in loans and US$2.4 billion in underwriting. The report also found that banks have provided $1.1 trillion in financing to industrial agriculture in the Global South.

The report argues that this financing is fueling the climate crisis and harming vulnerable communities in the Global South. It calls on banks to stop financing fossil fuels and industrial agriculture and to instead invest in sustainable solutions.
The report also highlights the role of public finance in supporting fossil fuels and industrial agriculture. It found that governments in the Global South have provided $1.4 trillion in subsidies to fossil fuels and $500 billion in subsidies to industrial agriculture. The report calls on governments to end these subsidies and to invest in sustainable solutions.

The report concludes by calling for a global movement to shift finance away from harmful activities and towards sustainable solutions. It argues that this is essential to addressing the climate crisis and building a more just and equitable future.

Here are some key takeaways from the report:

Major international banks have been financing fossil fuels and industrial agriculture in the Global South, two of the largest contributors to climate change.
This financing is fueling the climate crisis and harming vulnerable communities in the Global South.
Governments in the Global South have also provided billions of dollars in subsidies to fossil fuels and industrial agriculture.
It is essential to shift finance away from harmful activities and towards sustainable solutions.
A global movement is needed to build a more just and equitable future.