UK banks put £75bn into firms building climate-wrecking ‘carbon bombs’, study finds | Climate crisis

London banks in the city of London have poured more than $ 100 billion (75 billion pounds) in companies that develop “carbon bombs” – huge projects of oil, coal and coal that will pay to the internationally agreed temperature limits with catastrophic global consequences – according to a study.

Nine banks based in London, including HSBC, NatWest, Barclays, and LLOYDs are participating in the financing companies responsible for 117 carbon bomb projects at least in 28 countries between 2016-the year that follows the Paris Teacher-2023 agreement, according to the study.

If the projects continue, the study says that it will get the possibility of producing 420 billion tons of carbon emissions, equivalent to more than 10 years of the current global carbon dioxide Emissions.

“Despite the ambitious climate plans in the United Kingdom, it is amazing the amount of money that has flowed from banks in the United Kingdom to companies all over the world to develop the largest climate and destroyed climate projects since 2016,” said Fatima Ayman, a major analyst at the Earth’s initiative, who produces the study. “The ambition and leadership of the real climate will mean the appropriate financial organization not only within the country, but also outside the country’s borders by stopping all financial flows to companies that exacerbate the climate crisis that we all suffer.”

Follow the report Achieving the guardian This revealed the extent to which large fossil fuel companies are planned to quietly dozens of vast projects that threaten this effort towards the international goal of reducing global heating to 1.5 degrees Celsius above pre -industrial levels.

In this investigation, the countries that have the most carbon bombs were the United States, Saudi Arabia, Canada, Russia and China, where the UK plays a simple role.

However, the results, which are looking for how to finance companies behind these projects, reveals that the UK is a major financial center for fossilized fuel for mega projects, and companies that participate in more than a quarter of the carbon bombs that have been identified all over the world participate.

Londi Pinson, director of the Campaign Group, said that the UK banks transform the city of London into “the stronghold of Europe to finance the expansion of fossil fuels, undermining the role played by the UK in enhancing climate financing.”

She added: “With the escalation of international tensions, these banks must now choose the world that they want to help build, the world of fossil fuels in Trump, as it draws the strongest profit at the expense of millions, including their citizens, or a scientist where economic, financial and political leaders draw their sleeves and pay the ecological transformation of our economies.”

The new study used the list of carbon bombs specified in the original 2022 research and then laid the companies behind them. Then follow who was financed by these companies.

When he approached the guardian, some banks objected to the study methodology, and wondering whether it was fair that the entire carbon bomb emissions attributed to a bank that gave funding to a company as a whole and not to the specified project.

But researchers say that banks usually finance the company instead of developing the specified fossil fuels, and that this financing is crucial in allowing companies to move forward in these devastating projects.

The report found that HSBC financially supports companies participating in carbon bombs projects: 104. I thought that emissions resulting from burning fossil fuels extracted from these projects will add up to 392 GB – or 392 billion metric tons – from carbon dioxide.

Standard Charterd came after that, supporting the participating companies in 75 carbon bomb, then Barclays, and financing the participating companies in 62 megabytes. Lloyds supported the companies participating in 26 companies funding the Natestist company participating in 20.

HSBC, LLOYDS and Standard Charted refused to comment on the report when approaching the Guardian.

A Barclays spokesman said he could not comment on individual projects, but the bank has provided “funding across the energy sector: support energy security, and work with customers and clients on their low -carbon and sustainable mobilization and transition in order to obtain a one -dollar goal by 2030. We are taking parcel steps to meet the goals funded for 2030, while we help the world meet energy needs all over the world.

A spokesman for Natewist said that it had provided more than 93 billion pounds in climate, financing and financing since the beginning of 2021, compared to a goal worth 100 billion pounds by the end of this year. They added: “While we realize the importance of the entire energy industry in enhancing the goals of carbon removal and energy security, our lending to oil and gas represents less than 0.7 % of our financing activity.”