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World's top lenders help finance the industry that powers the world? I know we're supposed to grab our pitchforks but come on now.. 1.9T into wind and solar wou
by charliesharding 7y ago
World's top lenders help finance the industry that powers the world? I know we're supposed to grab our pitchforks but come on now.. 1.9T into wind and solar would produce a fraction of the power output and they have obligations to their clients
- tito 7y agoInteresting to start with more of a null hypothesis here. What’s the historical investment level? Does this amount actually reflects a complete collapse of fossil investments? BankTrak apparently has been doing these report cards for 10 years. Here’s the 2016 edition: https://www.banktrack.org/campaign/shorting_the_climate_2016_fossil_fuel_finance_report_card https://www.banktrack.org/campaign/shorting_the_climate_2016... “ In just the past three years, these banks have sunk $42 billion for companies active in coal mining; $154 billion for the 20 largest coal-fired power producers; $306 billion for companies that drill extreme oil; and $282 billion for companies building liquefied natural gas export infrastructure.” Sounds like a similar 3 year period, total is $0.78T tho. So...increasing? Possible my assumption that these are comparable is wrong.
- TeMPOraL 7y agoReading a book on related issues right now, and it suggests that's what is to be expected - the demand on energy is growing, but also the costs of acquiring fossil fuels are growing and infrastructure decay is catching up with the industry. So no other choice but to run faster even just to stay in the same place.
- BlueTemplar 7y agoA significant fraction of this money went into US tight oil, which seems to have effectively negative power output, considering that they've yet to turn a profit ?