cross-posted from: https://lemmy.sdf.org/post/44051179
US banks earned the most globally, making $5.4 billion, with Vanguard, JPMorgan Chase and BlackRock topping the list. In the US, the SEC’s climate-related financial disclosure rules remain suspended, and attempts to pass the FOREST Act, an import regulation like the UK’s law banning imports grown on illegally deforested land, have stalled.
EU banks generated $3.5 billion, led by BNP Paribas and Rabobank, while UK banks made $1.2 billion, with HSBC, aberdeen Group and Schroders at the top. The EU’s flagship deforestation law, due to enter into application at the end of 2025 has already been delayed by 12-months […] and remains at risk of additional delays.
Chinese financial institutions made $1.2 billion, almost entirely from credit-related deals and fees – despite the country’s green finance policy requiring banks to restrict lending for companies with ESG concerns. In China, Green Finance Guidelines introduced in 2022 could be utilised to outline how banks should identify, monitor, prevent and control their environmental, social and governance (ESG) risks. However, China remains the biggest international financier of companies that trade and produce goods linked to deforestation.
Together, banks in all other countries including Indonesia and Brazil earned $15.9 billion.
The UK passed a law in 2021 prohibiting the use of products linked to illegally deforested land, but it has yet to come into fully force. Once it does, the Treasury must conduct a review of the UK’s role in financing global deforestation.
The world isn’t getting better despite ‘despite some conflicts and crisis’. The world is getting worse through design. The biggest obstacle right now is that most people still refuse to attack the satus quo. How can’t it be obvious by now that our governments act AGAINST our interest? How can people still tell themselves that they do enough by voting?