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According to Greenpeace and the WWF, City of London banks have backed ventures that generate over 800 million tonnes of CO2.
According to a study released by conservation organisations Greenpeace and the WWF, British banks have funded schemes that emit 805 million tonnes of CO2 each year. According to the study, if the City of London were a kingdom, it would rank ninth in the world in terms of CO2 emissions.
According to the study, City of London banks issued loans and acquisitions for projects that emitted the massive CO2 number in 2019—a staggering 1.8 times the UK’s average nett emissions for the year.
This is not the first time the sector has been demoted as a major source of global carbon emissions.
In March of this year, it was revealed that some of the world’s largest banks have subsidised the fossil fuel industry to the tune of approximately $4 trillion since the Paris Agreement was signed in 2015.
“In the five years since the Paris Agreement, the world’s 60 biggest banks have financed fossil fuels to the tune of $3.8 trillion,” the report found, adding, “Runaway funding for fossil fuel extraction and infrastructure fuels climate chaos and threatens the lives and livelihoods of millions.”
Among these banks is the British multinational HSBC, which has pumped over $100 billion into the fossil fuel sector alone, according to the study.
Bitcoin and the banks
Bitcoin, like the world’s banks, has recently been chastised for its carbon footprint.
Greenpeace and the WWF released a survey that ranked the City of London as one of the top ten CO2 emitting cities in the world.
Bitcoin, by comparison, has previously been placed in the top 30 countries by the same metric. According to Cambridge University, only 39% of the Bitcoin network is fuelled by renewable energy.
In the wake of Elon Musk-inspired criticism of Bitcoin’s carbon footprint, Bitcoiners have raced to equate the network to the conventional financial sector, with some claiming that Bitcoin is greener than the petrodollar and the whole global oil industry.
While the results of this study may support that viewpoint, the truth remains that neither conventional banks nor Bitcoin are in the green.