British banks are among the “ Top 10 countries '' in terms of CO2 emissions: Greenpeace and WWF

UK banks funded projects that generate 805 million tons of CO2 per year, according to a report by Greenpeace and WWF environmental groups. The report also reveals that if the city of London were a country, it would rank ninth among all countries in terms of CO2 emissions. The report claims City of London banks provided loans and investments for projects that emit high carbon in 2019 – 1.8 times the UK's annual net emissions that year. This is not the first time the industry has been put under pressure, which has contributed greatly to global carbon emissions. In March this year, some of the world's largest banks were shown to have funded the fossil fuel industry for nearly $ 4 trillion since the Paris Agreement was signed in 2015. “The world's largest banks, within five years since the Paris Agreement, the world's 60 largest banks financed $ 3.8 trillion in fossil fuels,” he adds. Undoubtedly, "illegal financing for fossil fuel extraction and infrastructure is fueling climate chaos and threatening the lives and livelihoods of millions of people." Among these banks is the British multinational HSBC, which alone raised more than $ 100 billion according to the report. in the fossil fuel industry. Bitcoin and Banks Like global banks, Bitcoin has recently come under criticism for its environmental footprint. Greenpeace and the WWF report placed the city of London among the top ten countries in the world in terms of CO2 emissions. By comparison, Bitcoin has already been placed among the top 30 countries with the same statistic. Only 39% of the Bitcoin network runs on renewable energy, according to the University of Cambridge. Galaxy Digital claims banks are using more than twice the energy of Bitcoin amid Elon Musk-inspired research into Bitcoin's carbon footprint, Bitcoiners rushed to compare the network to the traditional financial sector.

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