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Why are banks still financing fossil fuels?

Construction on the Trans Mountain Pipeline expansion project in British Columbia. Six Canadian banks have “stepped in” to finance the next stage of construction, according to Stand.earth (Photo: Darryl Dyck/Bloomberg)
Construction on the Trans Mountain Pipeline expansion project in British Columbia. Six Canadian banks have “stepped in” to finance the next stage of construction, according to Stand.earth (Photo: Darryl Dyck/Bloomberg)

Is it better to engage with fossil fuel companies or to divest as part of a net zero strategy? Some banks apparently prefer the first option, and are financing fossil fuel companies that are in expansion mode

It’s almost eight years since 2015’s historic Paris Agreement – a legally binding international treaty on climate change – was signed by 196 parties, who agreed to pursue efforts to limit global warming to 1.5C above pre-industrial levels.

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