Research by Tax Justice Network has revealed that trillions of dollars in bank finance for fossil fuel companies are being channeled through opaque financial centers, including the Netherlands. The study examined $6.9 trillion in syndicated financing from 60 global banks between 2016 and 2023, highlighting a lack of transparency in funding energy companies.
Trillions of dollars of bank finance to fossil fuel companies is being routed via opaque financial centres in several countries, including the Netherlands, research published on Wednesday showed.
The study by Tax Justice Network , which campaigns against tax havens , highlights a lack of transparency in funding for energy companies . The study examined 60 global banks' $6.9 trillion of syndicated financing of fossil fuel companies, such as coal miners or shipping firms between 2016 to 2023, including loans, credit lines and bonds.
"We're raising the alarm on banks and fossil fuel companies greenlaundering their finances to hide how much money they're truly putting into fossil fuels ," said Franziska Mager, one of the report's authors.
The Netherlands has introduced reforms to try to shed its image as a conduit for money flows to countries with very low taxation rates.
Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Basics of Generative AI : Unveiling Tomorrow's Innovations By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Office Productivity Zero to Hero in Microsoft Excel: Complete Excel guide 2024 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Data Science SQL for Data Science along with Data Analytics and Data Visualization By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Web Development A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Office Productivity Mastering Microsoft Office: Word, Excel, PowerPoint, and 365 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Marketing Digital marketing - Wordpress Website Development By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert View Program Finance Financial Literacy - TDS, Budget, Income Tax Act, GST, Indirect tax By - CA Rahul Gupta, CA with 10+ years of domain experience, trainer View Program Leadership Business Storytelling Masterclass By - Ameen Haque, Founder of Storywallahs View Program Future of Marketing & Branding Masterclass By - Dr. David Aaker, Professor at Haas School of Business View Program HR & People Management Human Potential and the Future of Employment By - Lynda Gratton, Co-chair of the World Economic Forum Council on Work, Wages and Job Creation, Professor of Management Practice View Program Strategy ESG and Business Sustainability Strategy By - Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting Author I Speaker I Thought Leader View Program Finance Financial Reporting and Analytics By - Dr. C.P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi View Program A spokesperson for the Dutch finance ministry said it had done much to combat tax avoidance, targeting money flows through the country and countering "abusive structures", prompting a decrease of money going to low-tax-states.
The syndicated finance highlighted in the study represents a small fraction of overall bank credit to the fossil fuel industry but the study's authors said it shows how the full extent of finance for fossil fuels is being hidden.
Major banks have come under increasing pressure from investors and environmental campaigners to step up cuts to fossil fuel financing.
Europe's climate change monitoring service said last week the world has had its warmest northern hemisphere summer since records began and extreme weather will become more intense if countries do not cut planet-heating emissions.
Greenhouse gas emissions from burning fossil fuels are the main cause of climate change.