tawandamusarurwa
Online Reporter
Drivers of the climate crisis are receiving an annual average of 20 times more financing than the solutions, a new groundbreaking report by ActionAid reveals.
ActionAid, which is active in Zimbabwe, is an international non-governmental organisation that fights poverty and injustice.
A ground-breaking report, which was recently released by ActionAid, shows that the fossil fuel and industrial agriculture industries in Africa, Latin America and some parts of Asia are receiving an annual average of 20 times more financing from banks than governments are receiving for climate change solutions.
The report reads in part:
“Banks have put US$3,2 trillion towards the expansion of fossil fuels since the Paris Agreement, with US$370 billion being funneled into the second major cause of climate change, industrial agriculture.”
According to the report, some of the top banks that are funding the climate crisis include HSBC, Citigroup and JP Morgan Chase, among others.
The report calls for banks to stop project and corporate financing for all new deforestation, coal and fossil fuel expansion activities.
Banks have also been urged to strengthen policies against human rights abuses and deforestation to protect the rights of communities.
Bongani Ndlovu