Scandinavian banks poured $67 billion into the fossil fuel industry since Paris
Since the signing of the Paris Climate Agreement at the end of 2015, ten Scandinavian banks have provided US$ 67.3 billion in credit, including lending and underwriting, to companies and projects in the coal, oil and gas sector. In addition, as of June 30 2020, these ten banks held US$ 7.1 billion in shares in fossil fuel companies.
These figures are released in a new report, “Banking on Thin Ice: Exposing Scandinavian Bank Finance for Fossil Fuels”, published today by BankTrack, Fair Finance Guide Sweden, Fair Finance Guide Norway, Oxfam IBIS and ActionAid Denmark. The report provides a first-of-its-kind comprehensive overview of not only Scandinavian bank finance for the fossil fuel industry but also the climate policy commitments each bank has put in place.
Read the report here
Read the FFI news report here.