How are banks financing the climate crisis?
How the Finance Flows report findings:
- Since the 2015 Paris Agreement to tackle climate change, banks have poured $3.2 trillion into the fossil fuel industry, and $370 billion dollars into industrial agriculture.
- Banks have provided 18 times more financing to fossil fuel activities in the Global South, than Global North governments have provided to support climate change mitigation and adaption.
- Governments are supporting the fossil fuel and industrial agriculture industries with public funds through mechanisms like subsidies and pension investments.
Climate crisis: global and gender impacts
The devastating consequences of the climate crisis including floods, droughts and food insecurity, have been felt for the longest time in the global south, and women and girls experience the greatest impacts.
“I’ve seen firsthand the devastation extreme weather can inflict on the lives of people who did very little to cause it, and this injustice is what spurs me on as a climate activist.” Climate activist, Vanessa Nakate.
This is because disasters exacerbate existing gender and economic inequalities, and pose unique threats to the livelihoods, health, and safety of women and girls.
Supporting the call for climate justice
That is why ActionAid is supporting the call of women and girls for climate justice.
Banks must divest from financing the industries that fuel the climate crisis, and Governments need to redirect public funds from assisting these industries to investing in renewables and sustainable solutions.
After all, it’s often women and girls across Africa, Asia and Latin America that are both battling to survive the impacts of climate change while leading the way on solutions, like sustainable farming practices.
Please sign our petition calling on Keir Starmer to regulate UK banks to stop them from funding the industries that are driving the climate crisis.
Watch the Fund our Future campaign video
Page updated 26 March 2024
