While climate experts are issuing more and more dire warnings of what will happen if we fail to transition into a 1.5°C world, the biggest Nordic banks continue to pour billions of Euros in financing and investments into coal, oil, and gas companies planning new fossil fuel projects that will bring this global climate goal out of reach.
Assessing lending and investments combined, DNB and Nordea stand out among Nordic banks as the biggest financial supporters of the worst fossil fuel companies that undermine global climate goals.
Banks must immediately end all financing for, and investments in, coal expanders and expanding oil and gas producers. The message from climate science is clear. There is no room for new coal, oil, and gas in a 1.5°C world. Banks should also require their remaining clients in the coal and the oil and gas sector to immediately publish Paris-aligned fossil fuel phase-out plans and withdraw finance and investments from any company that fails to do so.