Video Duration 25 minutes 40 seconds
From: Counting the Cost

The Western banks enabling big oil to exploit the Arctic

Despite climate change commitments, the banking industry provided $314bn for oil companies between 2016-2020.

For half a century, the International Energy Agency had one goal: to make sure its patrons, the world’s richest nations, had uninterrupted access to oil.

Now, it is warning the world to stop developing new oil and gas fields to avoid a catastrophic rise in temperatures.

Despite that warning, Arctic oil and gas production is expected to increase by 20 percent in the next five years. Reclaim Finance’s Alix Mazounie explains which banks are backing big oil.

As Asia deepens its dependence on coal, Carbon Tracker’s Catharina Hillenbrand von der Neyen discusses what can be done to reverse the trend.