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Rainforest Action Network, “Banking on Climate Change 2021: Fossil Fuel Finance Report Card” Urgewald, “Banking on Climate Chaos 2021” Greenpeace, “It’s the Banks: How Banks Fuelled the Climate Emergency in 2020” The Guardian, “Barclays among banks financing harmful industries, analysis finds” ChatGPT Feb 13 Version. Free Research Preview.
According to a report by Rainforest Action Network, Barclays Bank has provided $85 billion in financing to the fossil fuel industry since the Paris Agreement was signed in 2015. This makes Barclays the sixth largest funder of fossil fuels among global banks.
Barclays has also been a major lender to the coal industry, providing over $35 billion in financing between 2016 and 2020, according to a report by Urgewald. This has contributed to the expansion of coal mining and burning, which is a major contributor to global greenhouse gas emissions and air pollution.
Barclays has also been involved in financing companies that are exploring for oil and gas in the Arctic, which is one of the most fragile and vulnerable ecosystems on the planet. According to a report by Greenpeace, Barclays provided $3.3 billion in financing to Arctic oil and gas companies between 2016 and 2020.
The financing provided by Barclays to the fossil fuel industry has contributed to significant environmental damage, including deforestation, oil spills, air and water pollution, and habitat destruction. This has led to negative impacts on local communities and wildlife, as well as contributing to global climate change.
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