Skip to main content

Banking sector’s role in the global biodiversity crisis increasingly called out

by Karen Sim, Nov 30
2 minutes read

Findings in a report titled “Bankrolling Extinction” produced by portfolio.earth, a new initiative led by finance, economics and environmental experts to better understand the role of the finance industry in the destruction of the natural world, have highlighted that the world’s largest investment banks provided more than $2.6tn of financing linked to the destruction of ecosystems and wildlife in 2019.

aerial photograph of city buildings

So what?

By matching financial services provided by investment banks to sectors identified by the UN as the primary drivers of biodiversity loss in 2019, experts identified $2.6tn of loans and underwriting services as being linked to mass extinctions and the collapse of life-sustaining ecosystems. The top 10 banks identified include Bank of America, Citigroup, JP Morgan Chase, Mizuho Financial, Wells Fargo, BNP Paribas, Mitsubishi UFJ Financial, HSBC, SMBC Group and Barclays. The report argues that financial institutions are unable to monitor and measure the impact of their activities on the natural world because of limited policies on protecting ecosystems that are critical to human life and livelihoods when providing loans or underwriting services.

The climate crisis deepens and with added urgency from the COVID-19 pandemic, linked to the destruction of biodiversity, the role that financiers play in driving the global climate and ecological emergency is gaining increasing attention and into mainstream awareness.

Sources

Details

by Karen Sim Spotted 2 signals

Have you spotted a signal of change?

Register to receive the latest from the Futures Centre.
Sign up

  • 0
  • 3
  • Share

Join discussion

Related signals

Our use of cookies

We use necessary cookies to make our site work. We'd also like to set optional analytics cookies to help us improve it. We won't set optional cookies unless you enable them. Using this tool will set a cookie on your device to remember your preferences.

For more detailed information about the cookies we use, see our Cookies page.

Necessary cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.

Analytics cookies

We'd like to set Google Analytics cookies to help us to improve our website by collecting and reporting information on how you use it. The cookies collect information in a way that does not directly identify anyone. For more information on how these cookies work, please see our 'Cookies page'.

>