Despite committing to accelerating decarbonisation efforts by joining the Glasgow Financial Alliance for Net Zero (GFANZ), financial institutions (FIs) continue to pour hundreds of billions of dollars into companies developing fossil fuels. The ‘Throwing Fuel on the Fire’ report by a group of NGOs- including Reclaim Finance, Stand.earth, and endorsed by Make My Money Matter – found 229 of the world’s largest fossil fuel developers received finance from 161 (29%) of GFANZ members. The report noted that 56 of the largest banks in the Net Zero Banking Alliance (NZBA) have provided US$270 billion to 102 major fossil fuel expanders. Additionally, it reported that 58 of the largest members of the Net Zero Asset Managers (NZAM) initiative held at least US$847 billion in stocks and bonds in 201 major fossil fuel developers as of September 2022. This continued financing of fossil fuel developers is creating new coal power plants, mines, ports and other environmentally damaging infrastructure, as well as new oil and gas fields and pipelines.
🚨 NEW REPORT: since joining the Glasgow Financial Alliance for Net Zero #GFANZ, financial institutions have provided HUNDREDS OF BILLIONS of $ to fossil fuel expansion 💣
— Reclaim Finance (@ReclaimFinance) January 17, 2023