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According to the Center for International Environmental Law as of April 2023, the World Bank “has financed and incentivized up to $165 billion in fossil fuel investments since the ParisAgreement was signed [in 2015].” Citi, Wells Fargo, and Bank of America are also among the top five fossil financiers since 2016, the report found.”
It contributes to increasing pressure against President Bolsonaro for widespread environmental damage across the country, resulting from a significant lack of climate action and the pervasive destruction of the Amazon rainforest. To align itself with the ParisAgreement, Brazil should actually increase its ambition.
trillion in the seven years since the adoption of the Paris climate agreement. Total bank financing for fossil fuels in 2022 was lower than it was in 2016, but Banking on Climate Chaos attributes that decrease partly to record oil and gas industry profits of $4 trillion last year.
At the beginning of COP 27, the Rainforest Action Network, in a report endorsed by many environmental groups, found that Bank of America, J.P. Morgan Chase, Wells Fargo, Citi, Goldman Sachs and Morgan Stanley together funded fossil-fuel expansion for the top 100 fossil-fuel companies, to the tune of $445 billion from 2016 to 2021.
The Court recognized that the measure could lower the cost of fuel but determined that economic considerations must be balanced against the right to a healthy environment and Mexico’s commitment to reduce greenhouse gas emissions as a signatory of the ParisAgreement. Total (Nanterre District Court).
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