Some of the world’s leading banks provided more than twice as much finance for fossil fuels between 2021 and 2024 as for sustainable alternatives, a new study said Tuesday.

The study by Reclaim Finance and partners such as WWF, Urgewald, and Rainforest Action Network, said “the biggest 65 banks are not on track when it comes to financing the energy transition.”

Top global banks such as HSBC, JP Morgan, and Santander had between 2021 and 2024 allocated only $1,368 billion “for sustainable power such as solar, wind, and related infrastructure … while $3,285 billion was allocated to fossil fuels,” it said.

“This.. means for each dollar allocated to fossil fuels, just 42 cents went to sustainable alternatives,” it said.

The study said US and Canadian banks provide four times more financing for fossil fuels than for sustainable alternatives. Institutions in Asia and Europe were better but still “well below” the levels needed for the energy transition.

READ ALSO: Indonesia, EU Sign Long-Awaited Trade Deal

The study quoted UN Secretary General Antonio Guterres as saying this year that “the (energy) transition is not yet fast enough or fair enough.”

“Our analysis shows that indeed, 93 percent of financing allocated to sustainable alternatives is concentrated in companies and projects in (Organisation for Economic Cooperation and Development) countries and China, despite the urgent need for financing in the rest of the world,” the study concluded.

AFP