Study Claims Banks ‘Greenlaunder’ Trillions of Dollars of Fossil Fuels Funding

Trillions of U.S. dollars are being “greenwashed” by banks extending loans and credit lines to subsidiaries of fossil fuel companies in secrecy jurisdictions, thus helping hide the true scale of banking support for oil, gas, and coal, a new study by NGO Tax Justice Network showed on Wednesday. The report, produced in collaboration with the organization Banking on Climate Chaos, found that funds are being strategically channeled through “secrecy jurisdictions”, tax havens, which allow companies to obscure their activities…