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50 banks involved in the biodiversity crisis

2020-10-28T16:20:53.308Z


(HANDLE)In 2019, the world's largest 50 banks provided over $ 2.6 trillion in loans and subscriptions (more than Canada's GDP in the same year) to economic sectors - food, forestry, mining, fossil fuels, infrastructure, tourism, transportation and logistics - which scientists and governments believe are the main drivers of biodiversity loss.    This was stated in Portfolio Earth's "Bankrolling extinction


In 2019, the world's largest 50 banks provided over $ 2.6 trillion in loans and subscriptions (more than Canada's GDP in the same year) to economic sectors - food, forestry, mining, fossil fuels, infrastructure, tourism, transportation and logistics - which scientists and governments believe are the main drivers of biodiversity loss.

   This was stated in Portfolio Earth's "Bankrolling extinction" report (a collective of individuals concerned that the financial sector is not taking the sixth human-induced mass extinction seriously) that the banks that provided most of the funding were Bank of America, Citigroup, Jp Morgan Chase, Mizuho Financial, Wells Fargo, Bnp Paribas, Mitsubishi UFJ Financial, Hsbc, Smbc Group and Barclays.

According to the report, none of the banks surveyed chose to have sufficient systems in place to monitor or measure the impact of their loans on biodiversity loss, nor do they have comprehensive policies to stop it.

On average, each of the 50 banks was linked to loans with a risk of biodiversity loss of $ 52 billion.

Italy (with two banks, Intesa Sanpaolo for $ 14,446 million and Unicredit for $ 41,776 million) spent a total of $ 56,222 million in 2019 on investments that put biodiversity at risk, the report said.

Science has warned about the dramatic decline of the planet's biodiversity: about one million animal and plant species (out of an estimated total of about 8.7 million) are threatened with disappearing, so much so that we believe we are facing the sixth great extinction mass.

With a species extinction rate up to 10,000 times the natural rate, Bankrolling Extinction wants to show how banks are playing a key role in financing biodiversity loss by undermining human rights.

In light of these data, the report calls for banks to reveal and radically reduce their impact on nature and stop funding fossil fuels, deforestation, exploitation of fisheries and destruction of ecosystems.

That governments stop protecting the role of banks in destroying biodiversity and rewrite the rules of finance so that banks are held accountable for the damage caused by their loans.

Finally, people around the world are asked to have a say in how their money is invested, and the right to prevent banks from causing serious harm to people and the planet.

Source: ansa

All life articles on 2020-10-28

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