Banks have given almost $7tn to fossil fuel firms since Paris deal, report reveals

Many countries have since promised to reduce carbon emissions, but the latest research shows private interests continued to funnel money to oil, gas and coal companies, which have used it to expand their operations. File photo: Danny Lawson/PA

The world’s big banks have handed nearly $7tn (€6.5tn) in funding to the fossil fuel industry since the Paris agreement to limit carbon emissions, according to research.

In 2016, after talks in Paris, 196 countries signed an agreement to limit global heating as a result of carbon emissions to at most 2C above pre-industrial levels, with an ideal limit of 1.5C to prevent the worst impacts of a drastically changed climate.