ONLY seven per cent of global banks' energy financing between 2016 and 2022 went towards renewable energy projects, according to new data, although
A report by a group of campaign groups, including Banktrack and
Of the
The share of financing for renewables reached a high of ten per cent in 2021. Last year, the figure was nine per cent.
Regarding individual banks, Citi and
In the
However, the figures were called into question by the
"The report does not provide a comprehensive view of clean energy investment," a spokesperson for the group told City A.M.
"The report excludes 70 per cent of power generation companies, the bulk of which accounts for most of the world's wind and solar power," they said.
"Analysis by the IEA suggests that between 2021 and 2022 around 48 per cent of total energy investment went to low carbon energy supply. That would be impossible if GFANZ members weren't financing the transition," the spokesperson said.
(c) 2023 City A.M., source