Bankers' "Net-Zero Alliance" Stuffed W. Companies Busily Financing Coal, Gas And Oil Industries
Just weeks before the UK hosts the COP26 climate summit, around 90 climate groups have written to UN Special Envoy Mark Carney and place ads in the Financial Times and Toronto Star today, urging him “to stop greenwashing financial institutions that continue to invest in expanding fossil fuel infrastructure.” The groups said that, while his work to convene financial institutions to take climate actions is laudable, Carney is “facilitating the watering down of net zero rules for finance,” the climate groups said, “as his green alliances fail to adopt the latest International Energy Agency (IEA) findings on net-zero emissions.”
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Many of the financial institutions who have signed onto the GFANZ remain among the world’s top backers of fossil fuels. In fact, many financial institutions, since becoming members of GFANZ, have issued new financing to companies expanding fossil fuel infrastructure. For example, Citi, Commerzbank, and Bank of America are all GFANZ members and helping to arrange funds for SUEK, a Russian coal giant that is relying on this extra financing to expand its coal mining and power business.
Brookfield, a member of the Net Zero Asset Managers Initiative, and of which Carney is Vice Chair, is working to purchase Inter Pipeline, one of the largest oil sands and gas infrastructure companies in Canada.
GFANZ members Deutsche Bank, MUFG, and Credit Agricole also recently inked bond issuances for Enbridge, which is actively building Line 3 and five oil pipelines over objections from Indigenous peoples and increasing emissions. A large number of banks, including HSBC and Citi are financing Amazon oil extraction and expansion.
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https://www.cityam.com/mark-carney-slammed-over-fossil-fuels-ahead-of-cop26-watering-down-rules-for-finance/
