The world’s biggest 60 banks have provided in the order of $4 trillion of finance for fossil fuel companies and projects since the 2015 Paris Climate Deal.
The UK’s Barclays is the worst European culprit. In 2020 it provided $27 billion (£19.4 billion) of fossil fuel funding.
Four other UK banks are in the list of 60, including Natwest, still majority government-owned.
Climate campaigners have rightly targeted the UK financial sector and the City of London, highlighting their continuing fuelling of climate change. But the dominant demands are essentially for the existing private, deeply undemocratic and predatory banks to be better.
To comprehensively and rapidly break the finance-fossil fuel link, and use the sector’s vast resources to positively tackle climate change, the banks must be taken into public ownership and democratic control.