LONDON: British bank Barclays has lifted its financing of fossil fuel firms so far this year, despite vowing to tackle climate change, data showed Wednesday from NGO network Fund our Future. Barclays provided $24.58 billion (20.72 billion euros) in underwriting and lending to major fossil fuel companies in the nine months to the end of September, compared with $24.38 billion a year earlier, Fund our Future said in a statement. The group also criticized banking giant HSBC for providing some $19 billion in financial support for fossil fuel companies over the same period. And he called for “credible” action before COP26, the UN’s global climate change summit which will be held in Glasgow next year. “Net zero by 2050 requires having a credible phase out plan for the entire fossil fuel industry in place before COP26 Glasgow latest.”

Source: Manila Times November 11, 2020 16:15 UTC