The Banks Funding Earth's Carbon Bombs

A carbon bomb is any fossil fuel extraction project that will generate more than one gigatonne of carbon dioxide (1GtCO2) over its remaining life.

Despite the world economy committing to net zero by 2050 at the Paris Agreement in 2015, banks have continued to finance 425 carbon bombs around the world. These projects are expected to produce 1,180 GtCO2 over its lifetime. Even so, they only represent 45% of the world's oil and gas extraction projects and just 25% for coal.

The total spending for carbon bombs amounts to 1.8 trillion USD, equivalent to the GDP of the 16 most climate vulnerable countries combined.

As of 2023, we have 400-500 GtCO2 left in our carbon budget. 1,180 GtCO2 is more than double this.

The world's largest climate fund, the Green Climate Fund, has raised less than 1% of the money given to carbon bombs.

Which institution are you banking with? And what are they financing?