SONGDO, SOUTH KOREA —(ENEWSPF)--March 7, 2016. The Green Climate Fund must not channel its money through two scandal-ridden international commercial banks that are leading funders of the coal industry, say civil society groups at a meeting of the GCF’s Board in Songdo, South Korea.
The groups say that the GCF must reject applications for accreditation by big banks HSBC and Crédit Agricole. Accredited entities are institutions approved to receive and manage GCF funds.
"The Green Climate Fund Board must reject HSBC and Crédit Agricole. Creating new business for big banks with large fossil fuel portfolios . . .