Banks in Europe, America, and Asia, are a big part of the problem regarding the climate crisis in Africa - report

According to a recent report, big global banks, including those in Europe, the Americas, and Asia, are a big part of the problem regarding the climate crisis in Africa.

The report, titled "How the Finance Flows: The Banks Fueling the Climate Crisis," revealed that these banks consistently provide funds for projects that worsen the climate crisis in Africa, far more than they support climate-friendly initiatives on the continent.

Some of the major banks mentioned in the report include HSBC, BNP Paribas, Société Générale, and Barclays.

In the Americas, the top three US banks mentioned were - Citigroup, JPMorgan Chase, and Bank of America.

Meanwhile, in Asia, the biggest supporters of fossil fuels and industrial agriculture are the Industrial and Commercial Bank of China, China CITIC Bank, Bank of China, and Mitsubishi UFJ Financial.

After analysing financial flows in more than 100 countries in the Global South, the report found that these banks have funded the expansion of fossil fuels to the tune of $3.2 trillion since 2015.

This was the same year the Paris Agreement, a landmark international accord, was adopted by nearly every nation to address climate change and its negative impacts.

The report further noted that these banks have also invested around $370 billion in industrial agriculture projects, which, when combined with fossil fuel emissions, are the second-largest source of greenhouse gas emissions.

The report urged governments to regulate the banking, finance, fossil fuel and industrial agriculture sectors to stop gassing the continent by making sure public funds must be scaled up and channelled in the public interest to bring about equitable transitions to renewable energy and agroecology.