FFC signs onto fossil fuel financing letter to Deutsche Bank and BarclaysFebruary 7, 2023
Friends Fiduciary has joined investors calling on European banks to commit to stop directly financing new oil and gas fields. Letters were sent to Deutsche Bank and Barclays asking that they join other European banks that have made such commitments in recent months, including HSBC, BBCA, ING, Lloyds Banking Group, and UniCredit. With many banks committed to net-zero by 2050, some form of asset financing restriction for new oil and gas fields is critical. The International Energy Agency (IEA) has stated that there is no room for new oil and gas fields beyond 2021 if we are to have a better than 50% chance to keep global warming below 1.5°C.