Banks pour trillions into fossil fuel projects for global south - report

The report from ActionAid International and Profundo has found that banks, including HSBC and Barclays, have put $3.2tn towards the expansion of fossil fuels since the 2015 Paris Agreement, with $370 billion being channelled into agribusinesses.

The report - How the Finance Flows - also found that funding from UK high street banks is causing human rights violations in 134 countries across the global south. 

HSBC has provided over $80bn (£62bn) in financing toward fossil fuels and industrial agriculture during this period. The report also found that Barclays has provided $41.1bn (£32.15bn) in financing for both over the same period. 

In a statement, Hannah Bond, deputy director of advocacy at ActionAid UK, said: "UK banks are continuing to underwrite climate chaos. From Brazil to Ghana, vast sums of money from British banks are being poured directly into countries where we work, causing mass devastation to entire communities. Despite contributing less than two per cent to global emissions, countries across the global south are bearing the brunt of decisions being made in boardrooms far away.