JPMorgan Chase, Citi Bank, Wells Fargo, Bank of America, and RBC were the biggest investors in fossil fuels from 2016 to 2022.
Big banks are once again under fire for their continued financing of fossil fuel projects.
Following the signing of the Paris Agreement by 193 states and the EU and after the COP27 climate summit in 2021, several major financial institutions came under fire for their continued support of fossil fuel companies.
Following the announcement from the International Energy Agency aiming for net-zero carbon emissions for 2050, 44 of the 60 banks discussed in the report committed to the aim of “no new oil and gas fields”. However, many of these banks continue to offer funding to oil and gas companies. According to the report, 27 of the 44 banks identified still have no meaningful corporate-level no-expansion policy for any part of the fossil fuel industry.
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