Money Pouring Into Fossil Fuels Risks Climate Disaster, UN Report Warns
As the world fails to meet targets to curb climate change, over half of the 150 biggest financial institutions have no restrictions on financing oil and gas
The Marathon Anacortes Refinery in Anacortes, Washington, March 7, 2022.
Photographer: David Ryder/BloombergThe world’s leading climate finance experts and economists warned that too much money continues to pour into fossil fuels and too little is channeled to clean energy, putting the planet on track to blow past its limit to avoid catastrophic global warming.
In its latest assessment of global efforts to contain climate change, published Monday, the United Nations Intergovernmental Panel on Climate Change issued a stark alert that the world is on track to warm by more than 3 degrees Celsius, twice the stretch goal of the Paris Agreement. Finance is both driving the problem and a “critical enabler” in the energy transition, the panel said.