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Extreme fossil fuel investments soar to $115bn under Donald Trump presidency, report reveals
Finance for controversial and highly polluting tar sands projects more than doubled to $47bn in 2017
Ben Chapman @b_c_chapman 2 days ago
Funding from big banks for “extreme” fossil fuels jumped by 11 per cent to $115bn (£81bn) in the first year of Donald Trump’s presidency, new research shows.
Finance for controversial and highly polluting tar sands projects more than doubled to $47bn in 2017, a report by a group of environmental NGOs found.
Extreme fossil fuels include those that contribute the most to climate change such as Arctic oil drilling, ultra-deepwater oil extraction, liquefied natural gas export, and coal mining and power.
While several European banks, including ING and BNP Paribas, pledged last year to cut financing for unconventional fossil fuels, North American banks ramped up their funding, particularly in Canada, the research found.
More:
https://www.independent.co.uk/news/business/news/fossil-fuels-extreme-investment-trump-presidency-rise-climate-change-arctic-drilling-tar-sands-a8277691.html
