Banks Pledge Climate Fight, But Their Boards Have Deep Fossil-Fuel Ties

"Analysis finds 77% of directors on boards of seven US banks have ties to ‘climate-conflicted’ groups, as banks continue to finance projects like the Line 3 oil pipeline"

"US banks are pledging to help fight the climate crisis alongside the Biden administration, but their boards are dominated by people with climate-related conflicts of interest, and they continue to invest deeply in fossil fuel projects.

Three out of every four board members at seven major US banks (77%) have current or past ties to climate-conflicted companies or organizations – from oil and gas corporations to trade groups that lobby against reducing climate pollution, according to a first-of-its-kind review by climate influence analysts for the blog DeSmog.

One of the controversial projects those board members have chosen to back is the new Line 3 tar sands pipeline, currently under construction in northern Minnesota. If completed, the project would allow the Canadian oil giant Enbridge to double the amount of high-polluting tar sands oil it transports through the region to 760,000 barrels per day."

Emily Holden reports for Floodlight and Emily Atkin for Heated April 7, 2021.

Source: Guardian, 04/08/2021