Carbon ‘lock in’ worsened by EU lending practices in developing countries

Large financial institutions could play a bigger role in global decarbonisation through targeted lending and reducing support for coal

European financing reinforcing coal dependency. Photograph: Hub Wilh Domrse/123RFEurope’s companies will be among so-called ‘non-state’ actors that will need to slash their carbon emissions to enable the deep decarbonisation scientists say is essential to avoid runaway climate change.  

Although EU-based companies now only account for 10% of the global top 50 corporate emitters, according to a recent survey by the Carbon Disclosure Project, major banks based in London, Paris and Frankfurt are still major providers of finance to coal and other fossil fuels despite high profile divestment campaigns.

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