The issue of bank financing fossil fuels : towards green financing?
If the question of financing energy transition arises, it follows inexorably the question of financing fossil fuels, largely undertaken by banks.
Banks, inevitable actors who can participate in the fight against global warming, have the cards in their hands and have the perfect opportunity to take action and make a difference. According to a report (“Climate Change,” by Rainforest Action Network, BankTrack, the Sierra Club and Oil Change International), international banks would have financed fossil fuels by nearly $ 87 billion, up from $ 111 billion in 2015 , A decline of 22% in funding, but this should be tempered by the increase in financing in 2016, an increase of 92 billion dollars. French banks seem to have taken the lead by cutting their funding for dirty energies by 30% between 2015 and 2016.
A special commitment has been made to reduce coal production and the exploitation of hydrocarbons such as oil. However this remains relative : there is certainly an improvement, but the banks continue to finance major projects that are extremely dangerous for the planet, such as the exploitation of bituminous sand, the construction of coal mine or lignite. No real policy nor commitment have been taken by banks to really limit their funding of fossil fuels.
Energy transition is expensive. Banks should play an important role. Today, the financing of green energies remains mainly borne by individuals and associations. The big compagnies have the resources to develop the use of clean energy.