PARIS, Sept 23 \u2014 Some of the world\u2019s leading banks provided more than twice as much finance for fossil fuels between 2021 and 2024 than for sustainable alternatives, a new study said today.<\/p>\n
The study by Reclaim Finance and partners such as WWF, Urgewald and Rainforest Action Network, said \u201cthe biggest 65 banks are not on track when it comes to financing the energy transition.\u201d<\/p>\n
Top global banks such as HSBC, JP Morgan and Santander had between 2021 and 2024 allocated only US$1,368 billion (RM5.7 trillion) \u201cfor sustainable power such as solar, wind, and related infrastructure… while US$3,285 billion was allocated to fossil fuels,\u201d it said.<\/p>\n
\u201cThis\u2026 means for each dollar allocated to fossil fuels, just 42 cents went to sustainable alternatives,\u201d it said.<\/p>\n
The study said US and Canadian banks provide four times more finance for fossil fuels than for sustainable alternative. Institutions in Asia and Europe were better but still \u201cwell below\u201d levels needed for the energy transition.<\/p>\n
The study quoted UN Secretary General Antonio Guterres as saying this year that \u201cthe (energy) transition is not yet fast enough or fair enough.\u201d<\/p>\n
\u201cOur analysis shows that indeed, 93 per cent of financing allocated to sustainable alternatives is concentrated in companies and projects in (Organisation for Economic Cooperation and Development) countries and China, despite the urgent need for financing in the rest of the world,\u201d the study concluded. \u2014 AFP<\/p>\n
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