11–20 of 54 posts
So 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... https://www.iea.org/statistics/rdd/
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
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...
“ 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.
So 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... https://www.iea.org/statistics/rdd/
R&D isn't the same as financing infrastructure..
This 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…
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?
> 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 effo…
Compared to $1.9T/~3 years, $630B on fossil energy investments per year.
[1] https://about.bnef.com/blog/clean-energy-investment-exceeded...
But driving your personal car is your god-given right, isn't it ?
Investment in fixing our ecological crisis and climate change is minuscule to our investment in our destruction.
For example, US spends about $600 billion a year to subsidize the fossil fuel industry which is $6T in 10 years.
For comparison, Elizabeth Warren wants to spend ONLY $2T in 10 years on climate. Andrew Yang wants to spend ONLY $2.5T in 10 years. Bernie Sanders is the only one serious about climate and wants to spend about $10T over ten years.
Imagine $1.9T investment into fusion?
http://www.world-nuclear-news.org/NP-Investment-in-new-nucle...