Immense sums are still being invested in oil, gas and coal. A study denounces the 30 largest financial groups for violating the climate goals. German companies are also affected.
According to an analysis by the British initiative Influencemap, the 30 largest listed financial groups in the world continue to invest immense sums in oil, gas and coal.
In 2020 and 2021, these 30 companies’ combined investments in fossil fuel projects and energy industry services will total $740 billion, Influencemap reported on Friday.
This includes, for example, the development of new oil wells and gas fields. In addition, according to Influencemap, the asset management companies in the financial industry hold shares in energy companies worth a good $222 billion.
Two German companies in the top 30
The main sources of the study are the publications of the companies themselves and publicly available information for the capital markets and financial regulators. Among the top 30 global financial companies are two German companies – Allianz at number 9 and Deutsche Bank at number 23.
The list is headed by the US companies JP Morgan, Bank of America and Wells Fargo. Criteria for the order included sales, net profits, market value and assets under management. State financial groups such as large Chinese banks were not examined due to a lack of transparency.
Of the $740 billion in loans and other funds, $145 billion went to five major oil and gas companies in the US and Europe: Exxonmobil, Shell, Chevron, BP and Total.
Alleged violation of climate targets
The initiative accuses the financial sector as a whole of violating the largely self-declared climate goals with its investments. A prime target of this criticism are US banks. In contrast, the authors at least partially positively emphasize Allianz, together with the French groups Axa and BNP Paribas, because of its more ambitious climate goals.
Influencemap is a donation-funded London institute that monitors and analyzes the financial sector’s investments in fossil fuels.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
