Global Newsletter #46

Put Your Money Where Your Mouth Is!

Governments are pledging to avert a climate crisis while their economies bankroll and intensify it.

Production of coal, oil, and gas must fall right now to keep global heating under 1.5C. Yet a new UN backed report shows how governments across the world are planning to increase production, while giving much more Covid-recovery money to fossil fuels than clean energy.

And it’s not just public money that is fuelling the climate crisis. A startling new report by the Rainforest Action Network shows how 35 top private banks have invested an eye-watering $2.7 trillion in fossil fuels since the Paris agreement was adopted five years ago. And those investments are increasing year on year.

In this special issue on money, we highlight two battles between small bands of rebels and big bad banks. The State Bank of India, a bank majority-owned by the Indian Government, wants to loan $1billion to fast track a coal mega-mine in Western Australia, while Standard Bank in South Africa is funding a 1,445km heated crude oil pipeline that will devastate East Africa’s ecology.

Read the full newsletter here