Banking on business as usual<\/span><\/h1><\/span><\/div><\/div><\/div><\/div><\/div><\/span>The energy finance imbalance<\/h2><\/span><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/span>1<\/span> More than twice as much money for fossil fuels<\/span> as for sustainable alternatives<\/h2><\/span><\/div><\/div><\/div>Between 2021 and 2024, the 65 biggest banks globally allocated to fossil fuels more than twice the amount of money allocated to sustainable power supply. Only 1,368 billion dollars financed sustainable power supply while 3,285 billion dollars financed fossil fuels, i.e. a ratio of 0.42:1. This means, only 42 cents went to sustainable power supply for each dollar they allocated to fossil fuels. This is nowhere near the 6:1 ratio by 2030 – indicated by the International Energy Agency (IEA) in its Net Zero Emissions (NZE) scenario – or even the more conservative 4:1 ratio articulated by Bloomberg New Energy Finance (BNEF), to which banks have become increasingly attentive and receptive, especially in North America. This raises serious doubts about the ability of banks to align their activity with a decarbonization trajectory, and to reach net zero by 2050.<\/p>\n<\/div>
The energy finance imbalance<\/h2><\/span><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/span>1<\/span> More than twice as much money for fossil fuels<\/span> as for sustainable alternatives<\/h2><\/span><\/div><\/div><\/div>Between 2021 and 2024, the 65 biggest banks globally allocated to fossil fuels more than twice the amount of money allocated to sustainable power supply. Only 1,368 billion dollars financed sustainable power supply while 3,285 billion dollars financed fossil fuels, i.e. a ratio of 0.42:1. This means, only 42 cents went to sustainable power supply for each dollar they allocated to fossil fuels. This is nowhere near the 6:1 ratio by 2030 – indicated by the International Energy Agency (IEA) in its Net Zero Emissions (NZE) scenario – or even the more conservative 4:1 ratio articulated by Bloomberg New Energy Finance (BNEF), to which banks have become increasingly attentive and receptive, especially in North America. This raises serious doubts about the ability of banks to align their activity with a decarbonization trajectory, and to reach net zero by 2050.<\/p>\n<\/div>
1<\/span> More than twice as much money for fossil fuels<\/span> as for sustainable alternatives<\/h2><\/span><\/div><\/div><\/div>Between 2021 and 2024, the 65 biggest banks globally allocated to fossil fuels more than twice the amount of money allocated to sustainable power supply. Only 1,368 billion dollars financed sustainable power supply while 3,285 billion dollars financed fossil fuels, i.e. a ratio of 0.42:1. This means, only 42 cents went to sustainable power supply for each dollar they allocated to fossil fuels. This is nowhere near the 6:1 ratio by 2030 – indicated by the International Energy Agency (IEA) in its Net Zero Emissions (NZE) scenario – or even the more conservative 4:1 ratio articulated by Bloomberg New Energy Finance (BNEF), to which banks have become increasingly attentive and receptive, especially in North America. This raises serious doubts about the ability of banks to align their activity with a decarbonization trajectory, and to reach net zero by 2050.<\/p>\n<\/div>
Between 2021 and 2024, the 65 biggest banks globally allocated to fossil fuels more than twice the amount of money allocated to sustainable power supply. Only 1,368 billion dollars financed sustainable power supply while 3,285 billion dollars financed fossil fuels, i.e. a ratio of 0.42:1. This means, only 42 cents went to sustainable power supply for each dollar they allocated to fossil fuels. This is nowhere near the 6:1 ratio by 2030 – indicated by the International Energy Agency (IEA) in its Net Zero Emissions (NZE) scenario – or even the more conservative 4:1 ratio articulated by Bloomberg New Energy Finance (BNEF), to which banks have become increasingly attentive and receptive, especially in North America. This raises serious doubts about the ability of banks to align their activity with a decarbonization trajectory, and to reach net zero by 2050.<\/p>\n<\/div>
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