MP, Labour’s
Shadow Chancellor, commenting on Greenpeace
International’s report “It’s the finance sector, stupid”,
said:
“This report lays bare the complicity of the international
finance sector in the destruction of our planet.
“If the climate crisis isn’t at the top of the agenda for
every meeting at Davos, the bankers will continue to fail all of
us and our children.”
Ends
Notes to Editors
-
According to “It’s the finance sector, stupid”,
-
Banks, insurers and pension funds are as culpable for
the climate emergency as the fossil fuel industry -
especially those at the World Economic Forum Annual
Meeting
-
Banks and pension funds with CEOs attending the World
Economic Forum Annual Meeting in Davos are collectively
financially exposed to fossil fuel companies to the tune of
US$1.4 trillion.
-
24 banks that go to Davos have financed the fossil fuel
industry to the amount of US$1.4 trillion since the Paris
Agreement through to 2018. US$1.4 trillion is the same as
what the world’s 3.8 billion poorest people had collectively
in 2018. Of these 24, it is just 10 banks that account for
US$1 trillion in fossil fuel finance: JP Morgan Chase, Citi,
Bank of America, RBC Royal Bank, Barclays, MUFG, TD Bank,
Scotiabank, Mizuho and Morgan Stanley. US$1 trillion is
equivalent to the financial risk reported by 215 of the
world’s biggest global companies due to climate impacts that
are likely to hit within the next five years. US$1 trillion
could also buy 640GW of solar power, which is more than the
current global capacity.
