World's top banks pour $1.9T into fossil fuel financing since 2015
1–10 of 54 posts
Re: World's top banks pour $1.9T into fossil fuel financing since 2015
#2Can anyone do back of napkin math on what $1.9T could buy in terms of wind/solar energy? How many homes that could power?
Re: World's top banks pour $1.9T into fossil fuel financing since 2015
#3This is probably due in part to private investors asking their banks to invest their money for them without regard to environmental issues.
Will you blame the postal office for delivering a bomb if it's properly packaged ? Probably not. The same way, I feel it's stupid to blame the banks for investing their customers' money where the yield is the largest when that is specifically what the customers' expect.
Put huge taxes on fossil fuel investment worldwide or give tax breaks for green investments, and money will go to greener areas. But governments don't want that either.
Re: World's top banks pour $1.9T into fossil fuel financing since 2015
#4This is probably due in part to private investors asking their banks to invest their money for them without regard to environmental issues. Will you blame the postal office for delivering a bomb if it's properly packaged ? Probably not. The same way, I feel it's stupid to blame the banks for investing their customers' money where the yield is the largest when that is specifically what the customers' expect. Put huge…
What yield? 0.002%?
Re: World's top banks pour $1.9T into fossil fuel financing since 2015
#5World'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
Re: World's top banks pour $1.9T into fossil fuel financing since 2015
#6Can anyone do back of napkin math on what $1.9T could buy in terms of wind/solar energy? How many homes that could power?
21,000 of Tesla’s huge battery system in Australia ($91M) [1]
[1] https://www.theguardian.com/technology/2018/sep/27/south-aus...
edit: thanks for the math save!
Re: World's top banks pour $1.9T into fossil fuel financing since 2015
#7Can anyone do back of napkin math on what $1.9T could buy in terms of wind/solar energy? How many homes that could power?
>Can anyone do back of napkin math on what $1.9T could buy in terms of wind/solar energy? How many homes that could power?
I'm not sure this question is relevant. First, because it isn't one or the other. Second, because the renewable energy sector also has vast amount of financing, but it's a smaller industry.
I'm not sure the point of the article, outside of the fact that it demonstrates that despite our best efforts, the fossil fuel energy sector is expanding because we demand more energy, and energy is becoming more expensive.
Re: World's top banks pour $1.9T into fossil fuel financing since 2015
#8Imagine $1.9T investment into fusion?
Re: World's top banks pour $1.9T into fossil fuel financing since 2015
#9So that's ~$0.380 T$/y for "just" the "top banks".
To compare with IEA countries (excludes Russia, OPEC, China...) that spent 0.0189*(0.21+0.16)= 0.008 T$/y on energy efficiency and renewables...
Re: World's top banks pour $1.9T into fossil fuel financing since 2015
#10Can anyone do back of napkin math on what $1.9T could buy in terms of wind/solar energy? How many homes that could power?
21,000 of Tesla’s huge battery system in Australia ($91M) [1] [1] https://www.theguardian.com/technology/2018/sep/27/south-aus... edit: thanks for the math save!
1,900,000,000,000 / 91,000,000 = 20,879