Source: Banks with ‘net-zero’ pledges are among the top funders of fossil fuels | Grist
“Banks and financial institutions need to be held accountable for their role in financing false solutions that cause serious life-threatening intensity and threats to Indigenous peoples worldwide,” said Tom B.K. Goldtooth, executive director of the Indigenous Environmental Network, in a press release.
According to the report, fossil fuel companies reaped $4 trillion in profits in 2022, with 60 of the world’s top banks providing $673 billion in financing. The top fossil fuel-lending bank of 2022 was Royal Bank of Canada, or RBC, which allegedly spent over $42 billion dollars funding fossil fuel projects. These included $4.8 billion related to tar sands and $7.4 billion connected to fracking. Also in 2022, RBC released a statement in which it promised to “align our lending activities with net-zero by 2050,” and “help our clients transition to net-zero.”
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