The assets of more than 30 oil, gas and coal companies whose strategies are not aligned with a 1.5C pathway were accepted as eligible collateral by the European Central Bank’s lending operations, according to new research published by non-profits Reclaim Finance and Urgewald.
Thirty-two of the 34 fossil fuel companies identified by the research were oil and gas companies developing new projects at different levels of the industry value chain, according to Reclaim Finance and Urgewald’s report, Collateral Damage: Ending the ECB’s Support to Fossil Fuel Companies.
