Banks increase funding for fossil fuels despite 'net zero' pledges | DW News

Despite net-zero pledges, major European banks are funding projects to expand oil and gas production, according to a report by non-profit ShareAction. 25 of the region's biggest lenders, including Barclays, HSBC and Deutsche Bank, provided 55 billion dollars to energy companies last year. And while that amount is nearly half what European banks financed in 2020, it is more than double the figure for 2018. The International Energy Agency has warned that net zero carbon emissions needs to be achieved by 2050 to keep alive hopes of limiting global warming to below 1.5 Degrees.

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