Banks Have Cut Funding for Fossil Fuels Projects 22 Percent

But activist groups say that’s not enough: There’s no resting, even after divestment victories. A new report from a consortium of environmental groups shows that big banks are reducing their investment in fossil fuel projects.While this is welcome news to the movement led by tribes to get banks to divest from fossil fuels—most notably in response to the Dakota Access Pipeline—the truth behind the numbers isn’t so rosy: it isn’t enough to stop global climate change, and banks still invest in or lend money to fossil fuel companies. read more on link below…

“The financial industry needs to be held accountable for its fossil fuel financing and that takes a lot of forms,” says Jason Disterhoft, a senior campaigner for Rainforest Action Network. “We need everybody to continue to work and make that happen.”The Fossil Fuel Finance Report Card graded 37 of the world’s largest banks on their policies and practices related to financing fossil fuels. The good news is that investments by these banks in fossil fuels dropped by a whopping 22 percent in 2016 from the previous year. The bad news is that banks still are funding fossil fuels at a rate that by the end of the century still will raise global average temperatures more than 1.5°C, the preferred limit in the Paris climate accord.

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