The Plantbased Business Hour Friends of the Earth Discuss Who Funds the Most Environmentally Damaging Sectors
Aug 8, 2024
Monique Mikhail, Senior Program Manager at Friends of the Earth, and Kelly McNamara, Senior Research and Policy Analyst, dive into the environmental impacts of financial institutions funding animal agriculture. They reveal shocking statistics about how U.S. banks finance the meat and dairy industries, contributing massively to greenhouse gas emissions. The discussion also touches on the urgent need for accountability and the potential role of new EU regulations in promoting sustainable finance. Plus, there's a lighthearted moment discussing snack preferences amidst serious topics!
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Industrial Livestock's Massive Impact
- Industrial livestock is a major contributor to climate change and other environmental harms.
- Banks financing this industry drive expansion, worsening emissions and related damage.
Emissions Underreported by Industry
- Most industrial livestock companies underreport emissions, especially scope three emissions.
- Using FAO's methodology reveals true emissions are much higher than self-reported figures.
Bank Financing's Outsized Footprint
- Fifteen billion dollars in bank financing to animal agriculture causes 63 million metric tons of CO2 emissions.
- A tiny portfolio fraction causes a disproportionate 11% of banks' financed greenhouse emissions.