The report calls on banks to make good on their climate promises and stop funding fossil fuels and deforestation.
. While Citigroup was the leading regional funder of fossil fuels, JP Morgan Chase gave the most to industrial agriculture., while Mitsubishi UFJ Financial rounded out the top Asian funders.bought outMuch of the fossil fuel money went to China’s State Power Investment Corporation and other Chinese companies; commodities trader Trafigura; and the usual fossil fuel suspects like“This is absurd,” Anderson said of the findings.
“This can be stopped,” Farah Kabir, the country director of ActionAid Bangladesh, said during the press briefing. “The banks cannot continue to fund fossil fuel industries and industrial agriculture.” However, the form that funds take when sent to the Global South makes a big difference, said ActionAid USA executive director Niranjali Amerasinghe. Instead of coming in the form of private loans, it needs to be in the form of public money.
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