Davos financiers pump $1.4tn into fossil fuels: Greenpeace

Focus Information Agency | Jan 21, 2020 at 12:50 PM
  • Some of the world’s biggest banks, insurers and pension funds have collectively invested $1.4 trillion in fossil fuel companies since the Paris climate deal, Greenpeace said Tuesday at the start of the World Economic Forum in Davos, AFP reported.
  • Greenpeace analysed the portfolios of 24 of the banks represented at Davos and found that they had financed the fossil fuel industry to the tune of $1.4 trillion since the landmark 2015 Paris deal.
  • The United Nations’ Intergovernmental Panel on Climate Change (IPCC) — the world’s leading authority on the subject — says that for a better-than-even chance of reaching the safer Paris cap of 1.5C, oil and gas consumption would need to decline 37 percent and 25 percent respectively by 2030.