UK and US Banks Among Biggest Backers Of Russian ‘Carbon Bombs’, Data Shows

"Ukrainian campaigners call for immediate end to investments, to cut funds to war and help avoid climate breakdown".

"US and UK financial institutions have been among the leading investors in Russian “carbon bomb” fossil fuel projects, according to a new database of holdings from recent years.

Campaigners in Ukraine said these institutions must immediately end such investments, to limit the funding of Russia’s invasion of Ukraine and to avoid climate breakdown.

Carbon bombs are fossil-fuel extraction projects identified by researchers to contain at least 1bn tonnes of climate-heating CO2, triple the UK’s annual emissions. Russia is a hotspot, with 40 carbon bombs, 19 of them operated or developed by Russian companies backed by foreign finance. The companies are Gazprom, Novatek, Lukoil, Rosneft oil company and Tatneft."

Damian Carrington reports for the Guardian August 24, 2022.

Source: Guardian, 08/25/2022