How banks are creating a climate emergency?

Since the Paris Agreement, Bank of America, Chase, Citi, Wells Fargo, Morgan Stanley, and Goldman Sachs have contributed $445 BILLION directly into the coffers of the oil and gas companies such as ExxonMobil, BP and Shell for fossil fuel EXPANSION projects all over the world. This is fuelling a climate emergency that is getting worse by the day. These banks are funneling money into growing further climate disasters. What was the Paris Agreement on the Climate Change issue? It was a legally binding international treaty on climate change. Adopted by nearly 200 nations in December 2015 and entering into force in November 2016, its basic goal is limiting global warming to well below 2°C, while pursuing efforts to cap the increase at 1.5°C above pre-industrial levels. Six banks are responsible for an entire THIRD of the $1.3 trillion in funding provided to expansion companies by the sixty biggest banks globally since 2016. All the while they are advertising `green’ initiatives and other corporate, green-washing garbage. We have to remember that net zero promises mean NOTHING without a commitment to ending fossil fuel expansion. This is hypocrisy. There were the climate talks in Egypt and then there was the boat parade in Lake Charles, Louisiana outside the Americas Liquefied Natural Gas (LNG) Summit and Exhibition. Right now, across California, there are record-breaking storms and unprecedented amounts of flooding following a long drought. These climate disasters are only going to go up around the entire world — unless we keep fossil fuels in the ground NOW. So why are insurance companies — the so-called “risk experts” — providing coverage for fossil fuel expansion projects that put everything we care about at risk? Liberty Mutual has been the spanner in the works for the climate and human rights. Liberty Mutual has done some really detrimental business already: Insuring offshore oil and gas drilling in Brazil Hasn’t ruled out the East African Crude Oil Pipeline (EACOP) At risk of supporting Arctic oil and gas drilling Big insurer of TC Energy, the company behind the Keystone and Coastal GasLink pipelines Refusing to meet with impacted Indigenous and frontline communities Dropping coverage for those most vulnerable to climate disasters - like California wildfires