No incentives to shift from fossil fuels
Banks poured hundreds of billions of dollars into expanding fossil fuel production last year despite the worsening climate crisis and their own pledges to go green.
Their investments benefited both private and state-run firms, according to reports, and helped secure huge profits.
Together we should bring a rapid end to the era of coal, oil and fossil gas expansion in order to mitigate climate change.
Policies and incentives are needed that would stop these institutions investing in new fossil fuel projects and, instead, encourage them to massively increase their financing of the clean energy transition.
The current system lacks accountability for investors that extends beyond what is best for shareholders.
How stuck is this handbrake?