“Finance is the UK’s dirty little secret,” Sauven said. “Banks and investors are responsible for more emissions than most nations, and the UK government is giving them a free pass. How can we say we’re ‘leading the world on climate action’ while allowing financial institutions to plough billions into fossil fuel production every year? The claim is almost laughable.”
G7 group of nations made fresh pledges to end direct government support for overseas coal projects by the end of the year. It nearly came just days after the International Energy Agency (IEA) said that there could be no new investments in oil, gas and coal from this year onwards.