Global banks significantly increased their financing for coal, oil and gas projects last year, according to a new report by climate advocacy groups, marking a reversal at a time when lenders are backtracking on climate pledges.
The world’s largest lenders committed $869.4 billion to companies conducting business in fossil fuels in 2024, according to the “Banking on Climate Chaos” report published on Tuesday. This was 23% higher than the previous year and is equivalent to the gross domestic product of Switzerland.
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