"NatWest among several banks in ‘net zero’ alliance continuing to support the fossil fuel industry"
"Banks with net zero pledges helped raise $1 trillion for companies expanding fossil fuels. Among them is NatWest, which may have broken climate pledge by funding BP. BP is developing a ‘carbon bomb’ in Azerbaijan, host of COP climate talks."
"Less than a hundred miles from where world leaders are discussing how to meet their climate pledges, BP is drilling for gas.
The Shafag-Asiman project, a sprawling gas field off the Azerbaijani coast, could inject more than 1 billion tonnes of carbon into the atmosphere. That is more than the UK would emit over three years, striking a major blow to efforts to slow down global warming.
BP has said it intends to invest heavily in new oil and gas fields in the coming years. But it would be unable to pursue these dirty projects without billions in support from big banks. NatWest, for one, helped BP raise almost $500m last year in an apparent breach of its climate commitments.
Banks will be in focus at Cop29, currently underway in Baku, Azerbaijan, as world leaders discuss how to raise trillions of dollars for countries suffering the effects of climate change."
Josephine Moulds reports for the Bureau of Investigative Journalism November 13, 2024.
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