NewEnergyNews: Big Money Dodging Climate And New Energy Commitments/

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YESTERDAY

THINGS-TO-THINK-ABOUT WEDNESDAY, August 23:

  • TTTA Wednesday-ORIGINAL REPORTING: The IRA And The New Energy Boom
  • TTTA Wednesday-ORIGINAL REPORTING: The IRA And the EV Revolution
  • THE DAY BEFORE

  • Weekend Video: Coming Ocean Current Collapse Could Up Climate Crisis
  • Weekend Video: Impacts Of The Atlantic Meridional Overturning Current Collapse
  • Weekend Video: More Facts On The AMOC
  • THE DAY BEFORE THE DAY BEFORE

    WEEKEND VIDEOS, July 15-16:

  • Weekend Video: The Truth About China And The Climate Crisis
  • Weekend Video: Florida Insurance At The Climate Crisis Storm’s Eye
  • Weekend Video: The 9-1-1 On Rooftop Solar
  • THE DAY BEFORE THAT

    WEEKEND VIDEOS, July 8-9:

  • Weekend Video: Bill Nye Science Guy On The Climate Crisis
  • Weekend Video: The Changes Causing The Crisis
  • Weekend Video: A “Massive Global Solar Boom” Now
  • THE LAST DAY UP HERE

    WEEKEND VIDEOS, July 1-2:

  • The Global New Energy Boom Accelerates
  • Ukraine Faces The Climate Crisis While Fighting To Survive
  • Texas Heat And Politics Of Denial
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    Founding Editor Herman K. Trabish

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    WEEKEND VIDEOS, June 17-18

  • Fixing The Power System
  • The Energy Storage Solution
  • New Energy Equity With Community Solar
  • Weekend Video: The Way Wind Can Help Win Wars
  • Weekend Video: New Support For Hydropower
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    email: herman@NewEnergyNews.net

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  • WEEKEND VIDEOS, August 24-26:
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  • The Virtual Power Plant Boom, Part 1
  • The Virtual Power Plant Boom, Part 2

    Friday, January 27, 2023

    Big Money Dodging Climate And New Energy Commitments

    Just 7% of global banks' energy financing goes to renewables, new data shows; Data Indicates Major Failings By Financial Institutions To Help Meet Global Commitments On Net Zero

    January 23, 2023 (Sierra Club)

    “…[New data shows] just 7% of bank] financing for energy companies went to renewables between 2016 and 2022…[Financial institutions showed] shockingly low financial support through loans and bond underwriting for clean energy. It calls into question pledges from the industry-led Glasgow Financial Alliance for Net Zero (GFANZ), whose commissioned research shows low carbon energy investments need to account for at least 80% of energy investments compared to fossil fuels (4:1) by 2030 to reach climate goals…[N]o bank looks set to reach this very minimum requirement…

    ….[A]t $181 billion Citi and JP Morgan Chase each pumped the most into the energy companies examined between 2016 and 2022 but just 2% went to renewables…[Only 2% of Barclays’ financing of the energy companies examined went to renewables. Royal Bank of Canada is at just 1%, Mizuho 4% and HSBC 5%...Bank loans and bond underwriting for renewables went from 7% in 2016 [$23.2 billion] of the overall financing of the energy companies examined to a high of 10% in 2021 [$34.5 billion] but virtually stagnated between these years, rather than showing any positive trend…

    Overall the 60 banks saw $2.5 trillion in loans and bond underwriting provided to the companies examined for energy activities between January 2016 and July 2022…[with$2.3 trillion to fossil fuel energy and just $178 billion to] clean energy activities such as wind and solar…[and] banks that are members of GFANZ actually provide less financing for renewable energy, on average, than their counterparts that are not in the alliance… [I]t's high time for banks to stop supporting fossil fuel expansion and commit to massive 2025 and 2030 clean financing…” click here for more

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