Audio Finance - 01/June/2020

Development banks struggle with fossil fuel lock-in

Development banks directed $50 billion of funding to fossil fuel projects in the five years to the end of 2018, almost as much as the $58 billion they invested in clean energy

COULD DO BETTER
Banks charged with investing public money in economic development are increasingly concerned about the risk climate change poses to financial assets, but few are redirecting investment to achieving the goals of the Paris Agreement. Too many decisions are based on outdated knowledge about alternatives to fossil fuel projects

LEADERSHIP NEEDED
Heads of development banks should join politicians and show leadership in diverting money from fossil fuels to green energy and stimulating energy savings 

KEY QUOTE
Leading development banks are looking at both green and brown investment, and are looking at climate-related financial risk ...

 

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