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Banks have given almost $7tn to fossil fuel firms since Paris deal, report reveals

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Among world’s top 60 banks those in US are biggest fossil fuel financiers, while Barclays leads way in Europe.

The world’s big banks have handed nearly $7tn (£5.6tn) in funding to the fossil fuel industry since the Paris agreement to limit carbon emissions, according to research.

In 2016, after talks in Paris, 196 countries signed an agreement to limit global heating as a result of carbon emissions to at most 2C above preindustrial levels, with an ideal limit of 1.5C to prevent the worst impacts of a drastically changed climate.

Many countries have since promised to reduce carbon emissions, but the latest research shows private interests continued to funnel money to oil, gas and coal companies, which have used it to expand their operations.

Eight in 10 of the world’s most eminent climate scientists now foresee at least 2.5C of global heating, according to the results of a Guardian survey published last week – an outcome expected to lead to devastating consequences for civilisation.

Researchers for the banking on climate chaos report, now in its 15th edition, analysed the world’s top 60 banks’ underwriting and lending to more than 4,200 fossil fuel firms and companies causing the degradation of the Amazon and Arctic.

Those banks, they found, gave $6.9tn in financing to oil, coal and gas companies, nearly half of which – $3.3tn – went towards fossil fuel expansion. Even in 2023, two years after many large banks vowed to work towards lowering emissions as part of the Net Zero Banking Alliance, bank finance for fossil fuel companies was $705bn, with $347bn going towards expansion, the report says.

US banks were the biggest financiers of the fossil fuel industry, contributing 30% of the total $705bn provided in 2023, the report found. JP Morgan Chase gave the most of any bank in the world, providing $40.8bn to fossil fuel companies in 2023, while Bank of America came in third. The world’s second biggest financier of fossil fuels was the Japanese bank Mizuho, which provided $37.1bn.

London-based Barclays was Europe’s biggest fossil fuel financier, with $24.2bn, followed by Spain’s Santander at $14.5bn and Germany’s Deutsche Bank with $13.4bn. Overall, European banks stumped up just over a quarter of the total fossil fuel financing in 2023, according to the report.

Tom BK Goldtooth, the executive director of the Indigenous Environmental Network, which co-authored the study, said: “Financiers and investors of fossil fuels continue to light the flame of the climate crisis. Paired with generations of colonialism, the fossil fuel industry and banking institutions’ investment in false solutions create unlivable conditions for all living relatives and humanity on Mother Earth.

“As Indigenous peoples, we remain on the frontlines of the climate catastrophe, and the fossil fuel industry targets our lands and territories as sacrifice zones to continue their extraction. Capitalism and its extraction-based economy will only perpetuate more harm and destruction against our Mother Earth and it must come to an end.”

Critics of the report said its methodology, which relied on investigating deals reported by financial market data companies such as Bloomberg and Refinitiv, meant researchers did not have a detailed view of what was being financed, and by whom.

Specifically, syndicated loans, bond issues and underwriting arrangements often involved several banks with varying levels of exposure. And financing to fossil fuel companies to fund transition technology projects could not be distinguished from financing for new oil wells, they said.

Spokespeople for Barclays, Bank of America, JP Morgan Chase, Deutsche Bank and Santander all emphasised that their organisations were supporting energy sector clients’ transitions toward more sustainable business models. Mizuho declined a request for comment.

Source: the guardian.com

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20 witness to testify against ex-land registration commissioner Mugaino

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Mugaino is battling charges of abuse of office and corruption over allegations of irregular cancellation of certificates of title for several pieces of land in Kampala city.

The Inspectorate of Government (IG) says about 20 witnesses are expected to testify against former Commissioner for Land Registration Baker Mugaino.

Mugaino is battling charges of abuse of office and corruption over allegations of irregular cancellation of certificates of title for several pieces of land in Kampala city.

The cancelled titles belong to Tropical Bank, Namayiba Park Hotel and businessman Gerald Akugizibwe.

The titles are for land comprising Kibuga Block 12 plots 658, 659, and 665 in Kisenyi; Kibuga Block 4 plot 152 in Namirembe, and Kyadondo Block 244 plot 2506 in Kisugu, Kampala district.

In a statement released on July 23, 2025, IG says the 20 complaints including Tropical Bank officials have recorded witness statements and are ready to give evidence against Mugaino in court.

The statement was released following an article published in the Independent Magazine titled, “IGG abusing her office”.

The IG said the article contains unfounded allegations against the person of the Inspector General of Government (IGG), Beti Kamya Turwomwe, questioning her decision to interdict, investigate and later prosecute Mugaino.

According to the IG, it is standard procedure for the IGG to issue orders to interdict a public officer if they have cause to believe that the officer might interfere with investigations.

The IG says the authority is derived from Article 230(2) of the Constitution of the Republic of Uganda and Section 13(6) of the Inspectorate of Government Act.

The IG states that the matter of Mugaino’s conduct while performing official duty is before court and, therefore, cannot be discussed in the public because it offends the sub judice law.

The IGG over the past four years has interdicted over 150 public officers, including six senior officers in the Office of the Prime Minister and many chief administrative officers.

Complaints

According to the statement, between December 2024 and April 2025, the IGG received 22 complaints against Mugaino alleging cancellation of certificates of title without following prescribed procedures under the law, removal of caveats without giving prescribed notices, double titling, issuing of special certificates of title while original ones exist, leading to multiple titling, cancellation of certificates of titles for disputes that would essentially be handled by courts with the intention of defeating Justice.

IG states that preliminary investigations found merit in the allegations and the IGG decided to launch a full-scale investigation in the office of the commissioner land registration.

Allegations

Prosecution alleges that between April 8 and 20 this year, Mugaino, while employed in the public service as commissioner of land registration, lands ministry in Kampala, abused his authority by arbitrarily performing acts prejudicial to his employer’s interests – the Government of Uganda, Tropical Bank Ltd, Akugizibwe and Namayiba Park Hotel.

He is accused of irregularly cancelling certificates of title his office had issued to Tropical Bank, Akugizibwe, and Namayiba Park Hotel.

The prosecution also alleges that Mugaino neglected his duties as stipulated in Section 88 of the Land Act and his schedule of duties as commissioner land registration, in April this year when handling a complaint about the land in question.

Background

Court documents indicate that on February 28, 2007, Businessman Mousa Lutwama Kizito obtained a credit facility of shillings 400 million from Tropical Bank using collateral constituting land at Kisugu in Kampala.

The documents further state that on August 18, 2007, Lweza Clays Ltd also obtained a credit facility from Tropical Bank using collateral consisting of land comprising Namirembe and Kisugu in Kampala and Lweza in Wakiso district.

Accordingly, Tropical Bank on September 25, 2007 registered the mortgages on the certificate of title.

However, Kizito and Lweza Clays defaulted on their loan repayments, prompting the bank to advertise the mortgaged properties after winning a court case.

Consequently, the bank on October 10, 2022, sold the mortgaged property at Namirembe to Akugizibwe for shillings 415 million. The bank also sold property at Kisenyi to Namayiba Park Hotel for shillings two billion.

The bank wrote to the Registrar High Court requesting the return of the mortgaged certificates of titles and bank guarantee as per the court order issued by Justice Stephen Mubiru.

The bank applied to the Commissioner Land Registration, requesting for special certificates of title upon failure to retrieve the mortgaged copies from the Registrar High Court (Commercial Division).

In a petition dated April 8, 2025, MBS Advocates, acting on behalf of Kizito and Luweza, requested the commissioner land registration to cancel the certificates of title for the land in question and Mugaino allegedly illegally removed court orders and caveats that had been lodged on the certificates of title, without any other orders from court.

Original Source: New Vision

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Controversy Erupts Over Clearing of Kitubulu Forest Reserve for Development

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The National Forestry Authority (NFA) is under growing criticism for allocating sections of Kitubulu Central Forest Reserve in Entebbe to private developers—an action environmental advocates say contradicts the agency’s mandate of sustainable forest management.

According to the NFA’s official website, the authority is responsible for managing Uganda’s 1.265 million hectares of central forest reserves sustainably.

However, the recent clearing of parts of Kitubulu forest for development has sparked public outcry and accusations of institutional mismanagement.

This move also revives concerns about historical encroachment in Kitubulu. In 2018, a private developer controversially fenced off portions of the reserve to build cottages.

In 2022, Entebbe Member of Parliament Michael Kakembo led efforts to dismantle illegal structures, citing violations of environmental protection laws.

Environmentalists stress that the reserve plays a vital ecological role, including filtering pollutants before they enter Lake Victoria.

“This forest is part of the lake’s natural filtration system,” said a local activist who requested anonymity.

“When you clear it for concrete, you’re endangering both biodiversity and public health.”

Scientific data supports the reserve’s importance in preventing contaminants from reaching one of Africa’s most critical freshwater sources.

Broader concerns over Uganda’s dwindling forest cover add to the controversy. Research by the International Union for Conservation of Nature (IUCN) shows forest land now covers just 1.9 million hectares—or 10% of Uganda’s total land area.

Much of this loss results from human activities such as deforestation for agriculture, charcoal burning, and unauthorized development.

While no direct peer-reviewed studies link NFA’s land allocations to specific ecological damage, experts warn that ongoing forest degradation threatens environmental stability.

Despite mounting criticism, the NFA has yet to issue a formal response explaining the legal and environmental grounds for the Kitubulu land allocations.

Pressure is growing for greater accountability and a thorough review of forest governance in Uganda.

Original Source: nilepost.co.ug

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Land Grabbing Crisis Escalates in Uganda: Mayiga Urges Citizens to Secure Land Documents

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The Katikkiro of Buganda, Charles Peter Mayiga has issued a stern warning about the widespread threat of land grabbing in Uganda, that is destabilising communities and robbing citizens of their rightful property. Mayiga’s remarks came during a strategic meeting with Masaza Chiefs at Bulange, the administrative heart of the Buganda Kingdom.

According to Mayiga, land grabbing is no longer an isolated issue but a well-organised scheme that thrives on exploitation of unclear land ownership, missing documentation, and the absence of rightful landowners.

“Land grabbing is becoming a national crisis,” Mayiga said. “It is being driven by people who have access to the district land boards, judicial offices, law enforcement agencies, and even local government leaders such as RDCs, RCCs, and LCs. They use these connections to manipulate the system and claim land illegally.”

Mayiga warned that if left unaddressed, the issue will not only affect individuals but also undermine national development, destroy community cohesion, and increase poverty through the displacement of vulnerable landowners.

To protect themselves, the Katikkiro urged all Ugandans—especially those in Buganda—to ensure that their land is properly documented.

He emphasised the importance of obtaining and safeguarding legal documents such as land titles, sale agreements, and clear boundary demarcations.

“You must secure your land,” Mayiga stressed. “Have the right documents in place. Make sure your land is clearly demarcated and that all agreements are formalised. This is the only way we can defend ourselves.”

Mayiga also called on cultural leaders, legal professionals, and local governments to assist communities in navigating land registration processes and to stand against corrupt practices that enable land theft.

Buganda, with its vast and historic Mailo land system, has been one of the regions most affected by land-related conflicts. The Kingdom has consistently advocated for stronger protections for landowners and reforms to reduce exploitation and legal ambiguity.

Source: NilePost

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