Gelles is writing a series of articles about groups working to promote fossil fuels and block climate action.
“No one is saying banks need to stop funding cement production, or shipping, or aviation, right? Those are necessary industries that have a credible [transition] path,” said Cushing of the Sierra Club.
But “fossil fuel producers, whose core business is pulling hydrocarbons out of the ground and burning them, don’t have a credible pathway to do that,” he added. “That’s the hard truth that a lot of financial institutions don’t want to admit out loud.”
Reprinted from E&E News with permission from POLITICO, LLC. Copyright 2021. E&E News provides essential news for energy and environment professionals. By SCIENTIFIC AMERICAN
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