Fossil fuel gets double bank financing for alternative energies
A new study showed on Tuesday that some of the world’s leading banks provided fossil fuel between 2021 and 2024 more than twice the financing it provided to alternative energies. "Roklim Finas" (Reclaim Finance) and its partners such as the World Nature Fund (WWF), Urgewald and the Rinforce Action Network, that that "The 65 largest banks do not go on the right track when it comes to financing the energy transformation". "HSBC" and"GB Morgan" and"Santander" Between the two years 2021 and 2024, the amount of 1,368 billion dollars is allocated "For sustainable energies such as solar energy, wind energy and relevant infrastructure … while 3,286 billion billion fossil fuels are allocated". "This … means that for every dollar designated for fossil fuel, 42 cents are devoted to sustainable alternatives". As for the institutions in Asia and Europe, they dealt better with the matter, but they are still "Much lower" One of the levels necessary for a transformation in the field of energy. "The transformation (in the energy field) is not fast or fair enough yet". "Our analysis shows that 93% of the financing allocated to sustainable alternatives is concentrated in companies and projects in countries "Organization for Cooperation and Development in the economic field" And China, despite the urgent need for financing in the rest of the world".
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