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Irish-based banks invest almost €6bn in climate-harming industries in poorer countries
(www.independent.ie)
In Capitalism, someone's gotta lose
this post was submitted on 04 Sep 2023
188 points (99.0% liked)
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Ugh 🤦♀️
Ireland needs to tackle this by getting EU-wide consensus. It already has tough climate requirements for domestic banks, these banks are foreign subsidiaries (mostly American) based in Dublin to be in the EU. If just one EU country gets tough on them, they'll move to another. This action needs to be tied to their access to Europe & done at the EU-level.
Since they are US banks, they would just move the financing to the US, which is no problem as most of it is already fairly US centric. That is also true for all large EU banks. They all are also in the US and other countries.
The other big problem is that the EU still uses fossil fuels, so cutting it is not possible without causing supply problems, if not done right.
Since they are US banks, they would just move the financing to the US
No, they are in Ireland because the EU requires some of their operations to physically be located in the EU, to have access to the EU single market.
Typical island mentality, what happens there won't affect us here. Hope the sea level rises soon.
Greedy banks pouring money into fossil fuels is hardly only an Irish problem. Globally the banks invested over a 100 times more into fossil fuels then just Ireland. Just to make sure you blaim the right people.
I'm sorry how is this typical of an Island? Would island people not fear sea water rising? Is it not historically the Americans and Saudis...notably not island dwelling people who have denied and benefitted from fossil fuels usage and worked against efforts to slow or prevent climate change.
People are allowing for this to happen, aren't they? Maybe when they are touched by the consequences we, as society, will react.
Your reply is not related and raises a different point. I think you initial comment was dismissive and needlessly pointless and gloomy.
Quite the opposite. Ireland is quite outward looking with strong ties to multiple other regions, like the USA, EU and UK.
In fact I would say the most successful islands are those that realize they are small in a big world.