Climate warning

Bank of America

Climate warning

These banks are the biggest funders of the fossil fuel industry

A list of investments since 2016 is topped by several US-based banks Since the Paris Agreement in 2016, the biggest banks that fund the fossil fuel industry seem to have minimally decreased their support, and in some cases are actually increasing their funding. That’s according to the 2022 Fossil Fuel Finance report (pdf), which is published by a conglomerate of organizations including Banktrack, Reclaim Finance, Oil Change International, the Sierra Club, and the Rainforest Action Network. The methodology of the report states that the authors totaled financing (lending, and underwriting of debt and equity issuances) from the world’s 60 biggest banks for the fossil fuel sector as a whole, as well as for top expanders of the fossil fuel industry and top companies in specific sectors. According to the report, the worst offenders are JPMorgan Chase, Wells Fargo, Citi, and Bank of America. Other top bank financiers are RBC, MUFG, Barclays, Mizuho, Scotiabank, BNP Paribas, TD, and Morgan Stanley. Funding more climate chaos Perhaps the most troubling trend is the financing by JPMorgan Chase and Wells Fargo, which increased their fossil fuel funding since 2020 by $9.98 billion and $19.57 billion respectively. The Paris Agreement’s guidelines for banks included setting and publicly disclosing long-term and intermediate targets, among other goals to reduce global emissions. Wells Fargo last May announced interim greenhouse gas reduction targets for oil and gas in an effort to claim net-zero emissions by 2050. JPMorgan Chase stated that it committed in October 2020 to align key sectors of its financing portfolio with what it considers to be the primary goals of the Paris Agreement. But the 2022 report shows that while these banks have made net-zero pledges and may be decreasing their own company carbon footprints, they are still heavily investing in fossil fuels. JPMorgan Chase leads investments with 34% more than the next bank since 2016, having provided fossil fuel companies with $382.4 billion in funding since that year. Top investments from banks went to QatarEnergy, Gazprom, Saudi Aramco, ExxonMobil, along with a long list of other oil and gas companies. Citi has funded a total of $285.3 billion since 2016, Bank of America has funded $232 billion, and Wells Fargo has funded $271.8 billion. In total, the report found big banks around the world have put $4.58 trillion dollars toward fossil fuel companies since the Paris Agreement. These banks are the biggest funders of the fossil fuel industry A list of investments since 2016 is topped by several US-based banks

These banks are the biggest funders of the fossil fuel industry

A list of investments since 2016 is topped by several US-based banks

https://qz.com/banks-biggest-funders-of-fossil-fuel-industry-1850252987?utm_source=email&utm_medium=daily-brief&utm_content=



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  • Videlis Eddie

    8 w

    I wish this financial institutions could divert this resources to sustainable green projects....

    1
    • Sarah Chabane

      8 w

      These institutions are climate terrorists

      3
      • Kevin

        8 w

        Profiteers should really feel ashamed for funding a climate crisis

        2
        • Gorffly mokua

          8 w

          They should be sued, & pay for the loss and damage that they have caused.

          3
          • Jane Wangui

            8 w

            @gorffly_mokua they should face consequences

            2
          • We Don't Have Time

            8 w

            Dear Stewart Milne Thank you for getting your climate warning to level 2! We have reached out to Bank of America and asked for a response. I will keep you updated on any progress! /Adam We Don't Have Time

            1
            • Edwin wangombe

              8 w

              It's a shame to see such institutions being on the forefront of funding the destruction of this planet. People over Profit all day

              3
              • Timothy Ndegwa

                8 w

                Banks should be drivers of eco-friendly innovations through green financing but not funding fossil fuels which causes more chaos to both the economy and environment.

                2
                • Elizabeth Gathigia

                  8 w

                  That's soo wrong of them they should be funding towards sustainable green energy instead

                  2
                  • Munene Mugambi

                    8 w

                    Happy we're naming and shaming them

                    2
                    • Jane Wangui

                      8 w

                      @munene_mugambi true rather than beating around the bush

                      2
                    • Ford Brodeur

                      8 w

                      Have you heard of the bank, Aspiration? They're doing some good climate action in the banking sector

                      3
                      • Stewart Milne

                        8 w

                        @ford_brodeur_ I hadn't ever heard of them but just looked them up and what they are doing looks pretty awesome! Have you ever posted anything else about them on here?

                        2
                        • Jane Wangui

                          8 w

                          @ford_brodeur_ could this be the light at the end of the tunnel??

                          2
                        • Tabitha Kimani

                          8 w

                          The banks should be held accountable for funding a crisis.

                          13
                          • Annett Michuki..

                            8 w

                            these banks should channel their aid to organizations fighting climate change

                            13
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