The clock is ticking for banks, insurers and asset managers still providing support to oil, gas and coal producers. It's not just the moral imperative—that fossil-fuel use is destroying the atmosphere and life on Earth with it. It's that their financial health requires leaving such companies behind.
According to Moody's Investors Service, financial institutions in the Group of 20 leading industrial and developing nations have USD 22trn of exposure to carbon-intensive industries. That's equal to about 20 percent of their total loans and investments. So unless these firms make a swift shift to climate-friendly financing, they risk reporting losses, Moody's said.
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