Climate action: Big tech hasn't been going green with their green
A new report has found that tech companies are indirectly causing up to 55 times the emissions they pump out from their everyday operations through their cash and banking investments.
The think tanks behind the report, called the Carbon Bankroll, ran the numbers on how much money the companies made each year, and then looked at how much CO2 goes into the atmosphere per billion dollars in investments.
Firstly, the report found that the banks big tech invest in have put nearly $5 trillion towards coal, oil, and gas projects since 2015.
They also based their findings on a study that claimed each billion invested in fossil fuel production is worth the same as annual emissions from over 25,000 cars.
So at the end of the day, the hundreds of billions of dollars these tech companies make are still invested, directly and indirectly, and tied to contributing to greenhouse gas emissions.
Climate action could be so easy
Amazon, Apple, Microsoft, Google, and Meta are all in this boat, as they say they are trying to fight climate change, but haven't put their money where their mouth is.
In fact, they lead the pack with their indirect emissions, together contributing to a grand total of 51 megatons of CO2 emissions beyond what the companies have already reported.
These are the same tech companies that have tooted their horn about being green with misleading claims of using 100% renewable electricity.
If these powerhouses ditched the investments and cash flow funnel that goes to fossil fuel companies, they could actually make good on their environmental promises.
These wealthy tech companies have the financial clout to take meaningful climate action, and one step would simply be telling their banks not to invest in fossil fuel projects.
Cover photo: Collage: 123RF/Jezper & leonidsorokin