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Greenies condemn 'climate-killer banks'

1 Dec 2011

Fin24 reports that leading international banks have lent €232-billion to the coal mining companies and electricity generation utilities to keep generating electricity even though coal is one of the biggest sources of greenhouse gases.

Quoting from a report entitled Bankrolling Climate Change compiled by four environmental groups, Tristen Taylor of Earthlife Africa Johannesburg said that coal financing is continuing to rise despite the dangers to the environment.

Yann Louvel of BankTrack, an NGO that monitors bank activities claimed that the Top 20 "climate-killer banks" have made statements committing themselves to climate change but continue to lend money for projects based on coal.

According to the report the top three banks lending to the coal mining sector are JP Morgan Chase (€16,5-billion), Citi ((€13,7-billion) and Bank of America (€12,6-billion).

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