The world’s leading financial institutions have been accused of hypocrisy over the climate emergency, after providing significant support for the fossil fuel industry over the last five years. It shows that JP Morgan, the Wall Street investment bank, has provided $195bn of financial support to fossil fuel companies since 2015. “The banks, insurers and pension funds here at Davos are culpable for the climate emergency. Despite environmental and economic warnings, they’re fuelling another global financial crisis by propping up the fossil fuel industry,” said Morgan. Some financial companies have made encouraging noises about addressing the climate emergency, after seeing rising public concern and an escalation in extreme weather events.

Source: The Guardian January 20, 2020 22:52 UTC