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Fossil fuel loans dwarf those for clean energy
1 February 2009
The top five banks in Canada provided more than C$155 billion in national and international corporate financing for fossil fuel extraction in 2007, about 14 times the sum they provided to clean energy projects, says a report from the Rainforest Action Network. The "financed emissions" totalled 625 million tonnes of CO2, exceeding the 583 million tonnes of CO2 emissions produced in 2006 from all energy use across the country, including all power plants, industry and manufacturing, transportation, homes and offices. "Banks have a critical role to play in the move to a clean energy economy, and they can start by setting meaningful carbon reduction targets for their lending and investments," says Bill Barclay, lead author of Financing Global Warming: Canadian Banks and Fossil Fuels.
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