As we all know, the EU Green Deal aims to build a Europe with clean energy and sustainable industries, with a target for climate neutrality by 2050.
However, as the drive for clean energy continues so does the financing of fossil fuels.
According to research, the world’s banks have given around €6.5 trillion to the fossil fuel industry since the signing of the Paris Climate Agreement in 2016.
The Banking on Climate Chaos report declared Barclays, ranked 8th globally, as Europe’s dirtiest bank. However, Barclays have pledged to provide $1 trillion (€923.9 billion) of Sustainable and Transition Financing between 2023 and the end of 2030.
With deadlines drawing ever closer and sustainability pledges in place, The Big Question’s Angela Barnes spoke to Wim Mijs, the CEO of the European Banking Federation, to discuss why divesting isn’t quite as simple as it seems and what other challenges lay ahead in European banking.
