Bank financing for companies that are planning new coal, oil, and gas extraction increased 40% from 2018 to 2019, despite warnings that we need to stop burning these fuels.
Despite their claimed support for the Paris Climate Agreement, major global banks have not only continued to pour billions of dollars into the fossil fuel industry since 2015, they financed more fossil fuel extraction and infrastructure companies in 2019 than the year prior—funneling billions into new coal, oil, and gas projects even as experts warn that we need to stop burning these fuels.
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