JPMorgan, Citi, Wells Fargo and Bank of America in all account for 25% of fossil fuel financing in the last six years, since the Paris climate pact was signed.
Financing of the oil and gas industry that is helping drive global temperatures to a dangerous point has snapped back strongly, a new report says.
The 60 banks profiled in the report funneled $185.5 billion just last year into the 100 companies doing the most to expand the oil CL00 and gas sector, says a group of environmental nonprofits, which reports such findings in their 13th annual Banking on Climate Chaos release. “The war on Ukraine is another stark reminder that oil and gas are at the root of both war and climate change. It’s high time banks close the policy gaps and turn off the taps,” said Adele Shraiman, campaign representative for the Sierra Club’s Fossil-Free Finance campaign, a backer of the banking-sector review.JPMorgan Chase Chief Executive Jamie Dimon earlier this month urged the U.S.
A spokesman for the groups issuing the report said the banks are able to view the findings in part before publishing.