A new action aid report released on the onset of the Africa Climate Summit, reveals that 11 international banks from Europe, the Americas and Asia pump money into projects that harm the climate. These projects include coal, oil, and gas, and industrial farming.
These banks give 20 times more funding to these harmful projects than for climate-friendly solutions in Africa. Some of the banks mentioned in the report are HSBC, Citigroup, and JP Morgan Chase. Since 2015, these banks have given $3.2 trillion to projects that harm the environment.
The report says that the continued burning fossil fuels and changing land use are causing climate change. These banks gave $370 billion to industrial farming, which is a big source of greenhouse gases. ActionAid International, the organization behind the report, says that this is a big problem and needs to stop. They want banks to stop financing projects that harm the environment and to pay more attention to the damage they are causing. The report also calls on governments to make rules for banks and industries to stop harming the climate. They say that human rights should be considered, and local communities should have a say in these projects. They praised Kenya for using a lot of renewable energy, which is good for the environment.
More details on the report here
