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Big banks’ trillion-dollar finance for fossil fuels ‘shocking’, says report

Coal, oil and gas firms have received $3.8tn in finance since the Paris climate deal in 2015

The world’s biggest 60 banks have provided $3.8tn of financing for fossil fuel companies since the Paris climate deal in 2015, according to a report by a coalition of NGOs.

Despite the Covid-19 pandemic cutting energy use, overall funding remains on an upward trend and the finance provided in 2020 was higher than in 2016 or 2017, a fact the report’s authors and others described as “shocking”.

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