A new report from Ran reveals 'the top six U.S. banks financed $445 billion to the top 100 companies expanding in oil, gas, and coal globally since the Paris climate agreement,' despite the institutions' purported commitment to a low-carbon future. COP27
"The outsized role of Wall Street in driving fossil fuel expansion globally is deeply alarming," said one expert.Wednesday is Finance Day at COP27, the United Nations climate summit in Sharm El-Sheikh, Egypt, and the advocacy group Rainforest Action Network published a report exposing how major U.S. banks are financing hundreds of billions of dollars worth of fossil fuel projects—even as they tout their purported commitment to a low-carbon future.
The paper notes that"the top six U.S. banks financed $445 billion to the top 100 companies expanding in oil, gas, and coal globally since the Paris climate agreement," and that financing from the institutions—JPMorgan Chase, Bank of America, Citi, Wells Fargo, Morgan Stanley, and Goldman Sachs—"accounts for a whopping 33% of the funding provided" to the world's 60 leading banks, as determined by their assets.
Many banks justify business-as-usual financing to their fossil fuel clients by assuring the public that they are working with their clients to transition away from fossil fuels. But global banks' top fossil fuel clients amount to a rogues' gallery of bad actors. The clients—including Exxon, Saudi Aramco, BP, Shell, and TotalEnergies—not only are not transitioning away from fossil fuels, these companies are some of the world's biggest expanders.
"Companies aiming for a sustainable future must reconcile their aspirations with their profit motives," she added."Banks say a lot, but unless their financial actions are drastically altered we can't take them seriously when it comes to climate. Billions must be invested in a just transition, not in polluters' endless expansion of fossil fuels and their short-term profits.
The new report is endorsed by groups including Giniw Collective, Indigenous Environmental Network, Mazaska Talks, BankTrack, Healthy Gulf, Louisiana Bucket Brigade, Oil Change International, Reclaim Finance, Sierra Club, the Sunset Project, Urgewald, and the Vessel Project of Louisiana.
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