İrem GÖL -TDO- Since the Paris Agreement, which was signed in 2015 as the Kyoto Protocol will end in 2020 and will be binding this year, global banks have invested $ 2.66 trillion in fossil fuels. Based on a study analysing 35 leading global investment banks released by a US-based environmental group, said that financing for the companies most aggressively expanding in new fossil fuel extraction since the Paris agreement has surged by nearly 40% in the last year.
Even though many investment banks announced that they would put limitations on their investments on coal, oil, gas and tar sand last year, the report reveals that the business practices are not aligned with the goals of the Paris Agreement. The report claims that over the previous four years since the Paris Agreement, the global banks have increased the funds provided to the companies which are working in Arctic oil and gas reserves.
In COP26 summit which will take place in Glasgow in November this year, business and banking sectors will be a focus in tackling with the climate emergency. Former president of Bank of England Mark Carney, who is appointed as the climate envoy, said the businesses should be more transparent about their impacts on the environment and improve their commitment to climate goals.