Climate change? Not with my money

9 06 2007

070611_klimaat.jpgInvestments by Dutch banks cause more than three times the CO2 emissions that the Netherlands emits annually. The banks invest over twenty times more in projects that harm the climate such as oil extraction and coal-fired plants, than in projects for climate friendly renewable energy. ABN AMRO is the worst performing Dutch bank with the biggest climate impact. These are the findings of a Friends of the Earth Netherlands (Milieudefensie) report published today. With the slogan “Climate Change? Not with my money!”, the environmental organisation is calling on consumers to switch to a climate friendly bank. Milieudefensie has launched the website, www.nietmetmijngeld.nl (“not with my money”), calling for climate conscious banking. “Banks have an enormous climate impact. Their investments in fossil fuels cause 594 million tonnes of greenhouse gas CO2 emissions. This is more than three times the amount that the Netherlands emits in a year, “ says Donald Pols of Friends of the Earth Netherlands. “The 6.9 billion euros that banks invest in renewable energy are peanuts compared to the 118 billion euros that they invest in fossil fuels.” The banks are not very open about the impact of their investments on the climate. Milieudefensie’s report is the first overview to date comparing these investments. Image source: milieudefensie.nl

News selected by Covalence | Country: Netherlands | Company: ABN AMRO, Triodos Bank, ASN Bank | Source: Milieudefensie / Banktrack


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