Banks Financed Projects Worth $2.6tn Which Harmed Environment In 2019: Study

In an initiative by portfolio.earth which analysed Investment Banks loans revealed that in 2019, financial institutions funded projects worth $2.6 trillion which harmed environment and wildlife. The 'Bankrolling Extinction' report noted that banks lack systems to measure the environmental-degradation due to projects financed by them. While banks approved the Paris-Agreement commitment of not financing fossil-fuel projects, the report lauded the Brazilian example of how public bank's ensure that their rural-credit complies to environmental concerns.