International banks from Europe, the Americas and Asia pump money into projects that harm the climate. These projects include coal, oil, and gas, and industrial farming.
According to ActionAid’s recent report “How the Finance Flows: The banks fueling the climate crisis” these banks give 20 times more funding to these harmful projects than for climate-friendly solutions in Africa.
Some of the banks mentioned in the report are HSBC, Citigroup, and JP Morgan Chase.
Since 2015, these banks have given $3.2 trillion to projects that harm the environment. The report says that the continued burning of fossil fuels and changing land use are causing climate change.
The banks gave $370 billion to industrial farming, which is a big source of greenhouse gases.
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ActionAid Calls for a Stop to Financing Projects that Harm Environment
Moreover, ActionAid International, the organization behind the report, says that this is a big problem and needs to stop.
They want banks to stop financing projects that harm the environment and to pay more attention to the damage they are causing.
In addition, the report found that in the 7 years since the Paris Agreement was signed, the world’s banks have provided US$ 370 billion to industrial agriculture corporations operating in the Global South, and US$ 3.2 trillion to fossil fuel corporations.
When taken as an annual average and compared to the real value of climate finance in 2020 this means that more than 20 times more financing is going to the causes of climate change in the Global South, than to the solutions.
The report also calls on governments to make rules for banks and industries to stop harming the climate.
Kale Logistics Solutions
Companies like Kale Logistics Solutions, a global logistics provider for several Fortune 500 companies, 100 airports and seaports worldwide, is aligning with its organizational commitment of achieving zero carbon emissions.
Further, under their Zero Emission Warrior initiative the company’s employees, who are asked to share vehicle rides with their colleagues and friends as well as take up public transport, exhibiting their passion to reduce their carbon footprints.
Rajni Patwardhan, Marketing Head at Kale Logistics Solutions said, “On average, every individual in Mumbai emits 1.8 metric tons of Carbon Dioxide and surprisingly, 17 per cent of that comes from transportation and 23 per cent from electricity consumption”.
Also Read: Navigating the Climate Change Agenda: The Crucial Role of Climate Financing
Through its host Kale is transforming the logistics industry gradually into paperless trade.
On average, over 40 documents, 100 copies and 150 signatures used to move one shipment makes the logistics, and supply chain industry paper intensive.
As such, Kale’s solutions enable the industry stakeholders to go paperless and smartly perform their operations.
In addition to improved environmental impacts, businesses that have adopted solutions from Kale have reported productivity increases of up to 70 per cent.
By making an effort to limit consumption of fuel and electricity per person, we can gradually reduce carbon emissions and achieve our climate change goals.
