news
From Climate & Capitalism
Summary
- Since the Paris Agreement, the world’s 60 largest private banks have financed fossil fuels with $6.9 trillion, with $3.3 trillion going towards fossil fuel expansion
- JP Morgan Chase is the #1 fossil fuel financier in the world, committing $40.8 billion to fossil fuel companies in 2023
- Some banks have increased their exposure to climate risk by rolling back weak policies, with Bank of America being a glaring example
Since the Paris Agreement in 2016, the world’s 60 largest private banks financed fossil fuels with USD $6.9 trillion. Nearly half – $3.3 trillion – went towards fossil fuel expansion. In 2023, banks financed $705 billion in fossil fuel financing with $347 billion going to fossil fuel expansion alone. The 15th annual Banking on Climate Chaos report cuts through greenwash, covering the world’s top 60 banks’ lending and underwriting to over 4,200 fossil fuel companies.
JP Morgan Chase is the #1 fossil fuel financier in the world, committing $40.8 billion dollars to fossil fuel companies in 2023. They’re also #1 for fossil fuel expansion in 2023, while Mizuho shot up to second place in the report in both fossil fuel financing ($37.0 billion) and financing for the expansion of fossil fuels ($18.8 billion). The worst funder of fossil fuel expansion since the Paris Agreement is Citibank, providing $204 billion since 2016.
[..]
Read the full post at Climate & Capitalism.
