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Global Banks are Funding Projects that Worsen the Climate Crisis in Africa

According to a recent report, big global banks, including those in Europe, the Americas, and Asia, are a big part of the problem regarding the climate crisis in Africa. The report, titled “How the Finance Flows: The Banks Fueling the Climate Crisis,” revealed that these banks consistently provide funds for projects that worsen the climate crisis in Africa, far more than they support climate-friendly initiatives on the continent. Some of the major banks mentioned in the report include HSBC, BNP Paribas, Société Générale, and Barclays. The report further noted that these banks have also invested around $370 billion in industrial agriculture projects, which, when combined with fossil fuel emissions, are the second-largest source of greenhouse gas emissions. The report urged governments to regulate the banking, finance, fossil fuel and industrial agriculture sectors to stop gassing the continent by making sure public funds must be scaled up and channelled in the public interest to bring about equitable transitions to renewable energy and agroecology.