New report: Banks more committed to fossil fuels than human survival

July 30, 2024
Issue 
Climate activists successfully blockaded coal ships at Newcastle Harbour last November and plan to do the same this year. Photo: Zebedee Parkes

July 21 was the since global records have been kept. That record didn鈥檛 last long, however, as July 22 then became the hottest day.

The July 21 record was 鈥渁lmost indistinguishable from the previous record鈥 set in July 2023 鈥 a 0.01掳C difference, said the , which analysed and published the data.

However, the margin between July 21 and July 22 (a massive 0.07掳C) was 鈥渓arger than typical differences in day-to-day variations鈥.

July 23 was virtually as hot as July 22.

Copernicus director Carlo Buontempo The Guardian that the world is now in 鈥渢ruly uncharted territory鈥. He believes that global temperature records will continue to be broken.

Last month was the hottest June on record and the 13th month in a row to set a monthly temperature record, to the World Meteorological Organisation.

In early July, NASA climate scientist Peter Kalmus said on : 鈥淭his is an actual emergency, it is irreversible.

鈥淭hings will not get cooler for the rest of our lives,鈥 he said. 鈥淗ow hot it gets is how hot we鈥檒l have to live on this planet for 鈥 basically 鈥 ever.鈥

This should underline why society and ecosystems need a massive reduction in carbon emissions.

Less than a week before these records were broken, Market Forces released that found that Australia鈥檚 big four banks 鈥 ANZ, Commonwealth, NAB and Westpac 鈥 continue 鈥渢o pour billions of dollars into the fossil fuel industry鈥.

The Banking Climate Failure report found that the four banks loaned $3.6 billion to fossil fuel corporations last year.

In less than eight years since the Paris Climate Agreement was signed, these banks have funded fossil fuel companies to the tune of $61 billion!

In theory, the big four have climate policies that are meant to limit warming to 1.5掳C and ensure 鈥渘et zero emissions鈥 by 2050. These goals are incompatible with new and expanded fossil fuel projects. Yet the banks advanced $2.5 billion to companies with fossil fuel expansion plans last year.

The banks are also finding back door ways to fund fossil fuel expansion, while pretending to be good climate citizens.

These financing options include 鈥済eneral purpose corporate lending鈥 and using the bond market.

鈥淭he big four Australian banks arranged $2.2 billion for fossil fuels through the bond market in 2023,鈥 said the report. 鈥$1.4 billion of this was for companies with expansion plans.鈥

The banks are clearly more committed to profiting from fossil fuels than to resolving the climate crisis, protecting people or even implementing their own policies.

Similarly, federal Labor is granting new gas approvals instead of ensuring big corporations reduce emissions. This is despite a clear majority (57%) in the latest saying they want stronger climate action 鈥 鈥渆ven if this involves significant costs鈥.

Globally, the results are clearer: 80% of the world鈥檚 people want their governments to 鈥渢ake stronger action to tackle the climate crisis鈥, to the People鈥檚 Climate Vote, the largest ever stand alone public survey on climate change.

that 鈥渨e can鈥檛 wait for the rich and powerful to stop climate breakdown鈥.

鈥淲e need the public to rise up and become more powerful than the fossil fuel industry.鈥

That鈥檚 why 麻豆传媒 is committed to broadcasting the voices of grassroots climate activists and helping forge popular that can defeat the fossil fuel industry.

But we can鈥檛 do it alone. That鈥檚 why we鈥檙e asking you to help. Please become a supporter if you鈥檙e not already and make a donation to our 2024 Fighting Fund today.

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