Why big banks are to be blamed for climate change, and what they can do

In place of fossil fuel finance, investments should be redirected toward renewable energy, cleaner industry, and more sustainable agriculture, among other priorities

A stark new United Nations climate report warns that humans have about 12 years to slash global emissions by nearly half. Unfortunately, that’s going to be extremely challenging with deep changes to the global financial system.

Despite regularly claiming new commitments to “green finance,” the big banks continue to lend billions to the fossil fuel industry every year—including for the most extreme climate-damaging activities, like exploiting tar sands oils and burning coal.

Continuing to invest in fossil fuels goes against all of the evidence about what needs to be done to tackle climate change. An estimated 80 percent or more of the