Despite the stark warnings of climate breakdown from the IPCC and the UN, it’s business as usual for fossil fuel capitalism. An astonishing 56% of the G20 nations’ Covid-19 recovery funds for energyhave gone to fossil fuel companies.
In April, the Glasgow Financial Alliance for Net Zero (GFANZ) chaired by Mark Carney was launched to bring together leading financial corporations to redirect finance towards achieving net zero by 2050. Yet many of its signatories remain among the world’s top backers of fossil fuels. Some have even issued new financing to companies expanding fossil fuel infrastructure since signing up with the GFANZ.
Oil extraction in the Amazon is being financed by GFANZ members HSBC and Citi, for instance, while Deutsche Bank,
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