"New reports show that banks have contributed hundreds of billions of dollars in financing to large milk and dairy companies in the years since the Paris Agreement was signed."
"The world’s biggest banks and investors are continuing to funnel billions of dollars to carbon-intensive industrial livestock companies, undermining their own pledges to cut greenhouse gas emissions and fueling an ongoing boom in meat and milk production that threatens global climate goals.
New research finds that the world’s biggest banks, including America’s “big three”—Bank of America, JPMorgan Chase and Citigroup—have increased their financing of the world’s largest meat and dairy companies in recent years. Since the signing of the Paris Agreement in 2015, the world’s top banks have extended roughly $600 billion in credit, loans and underwriting to the world’s 55 largest livestock companies, while major investors, including Blackrock, Vanguard and Capital Group, hold more than $320 billion in shares and bonds.
The new research, from environmental and advocacy groups that track financing of climate-intensive industries, underscores a major blindspot in the banking industry’s efforts to cut emissions and eliminate climate risks from their portfolios and the broader banking system."
Georgina Gustin reports for Inside Climate News June 29, 2024.
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