UN Chief Urges Banks to Halt Fossil Fuel Infrastructure Financing

Banks should finance low-carbon climate-resilient projects, not big fossil fuel infrastructure that is not even cost-effective anymore, UN Secretary-General António Guterres’ said during a climate meeting this week. While praising the major economies that have committed to net-zero emission targets, Guterres’ stressed that under current commitments, the world is still headed to “a disastrous temperature rise of 2.4 degrees by the end of the century.” “We can no longer afford big fossil fuel infrastructure anywhere.…