A new report reveals for the first time that the world’s banks including HSBC, Citigroup and Barclays are channeling, on average, an astounding 20 times more finance into the major causes of climate change than governments in the Global South are receiving as funding for climate solutions. How the Finance Flows: the banks fuelling the climate crisis shows that bank financing provided to the fossil fuel industry in the Global South reached an estimated US$3.2 trillion in the seven years since the Paris Agreement on Climate Change was adopted, with US$370 billion provided to the largest industrial agriculture companies operating in the Global South.
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