You’ve heard of greenwashing, and greenhushing. But have you ever heard of greenlaundering?
Tax Justice Network has been working on a first-of-its-kind piece of research shining a light on the connection between financial secrecy and bank financing of fossil fuels.
The report investigates how much fossil fuel financing goes through so-called secrecy jurisdictions – which is a type of tax haven – and how this benefits banks and fossil fuel companies.
Because most fossil fuel financing is facilitated through a ‘hall of mirrors’, banks get to conceal much of their true fossil fuel exposure from the public and regulators, while clients can circumvent bank exclusion policies.
