Part six of a ten part series: Diving into The Carbon Almanac
If the banks didn’t lend money at favorable rates to fossil fuel companies, they wouldn’t build new mines, plants and power stations.
Our banks are fuelling climate change, because most people don’t know or check what their bank invests in.
And most people rarely change their bank.
Banks are sneaky. When a major German bank says:
“We are reviewing our coal power exposure”
… it means they are still investing in coal power.
When they write
“We will not finance new oil and gas projects in the Arctic region”
… it means they are financing new oil and gas projects everywhere else.
Ask your bank if they are financing fossil fuel industries.