Major banks continue to finance fossil fuel companies despite pressure to support decarbonization efforts.
Despite increasing pressure to defund oil and gas firms in support of international decarbonisation efforts, many major banks are continuing to provide financing to fossil fuel companies. A recent report from the U.S. organisation Rainforest Action Network RAN and partners revealed that in the years following the 2015 Paris Agreement, the 60 largest private banks in the world provided $6.8 trillion in funding to fossil fuels . Over the past eight years, approximately $3.
banking institutions were found to be the biggest contributors to the fossil fuel sector, providing 30 percent of the financing in 2023. JPMorgan responded to the report saying it was one of the world’s biggest funders to both traditional and clean energy firms. It stated that it would disclose the proportion of financing contributing to low-carbon energy compared to fossil fuel energy financing, following a request from the New York City comptroller on behalf of pensions it manages.
Financing Banks Climate Change Decarbonization Rainforest Action Network Jpmorgan Chase Greenwashing Energy Transition Transparency
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