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Banking on Climate Change: Fossil Fuel Finance Report Card 2018

Author: BankTrack, Honor the Earth, Indigenous Environmental Network, Oil Change International, Rainforest Action Network & Sierra Club, Published on: 28 March 2018

This ninth annual fossil fuel report card grades banks on their policy commitments regarding extreme fossil fuel financing and calculates their financing for these fuels from 2015 to 2017. The report also assesses the shortcomings of the Equator Principles for ensuring banks respect human rights, and indigenous rights in particular...The report assesses 36 private banks from Australia, Canada, China, Europe, Japan, and the United States, with policies for additional banks in these countries and Singapore included for comparison...

...Financing for extreme fossil fuels overall went from $126 billion in 2015, to $104 billion in 2016, then up to $115 billion in 2017...2017 was a year of backsliding..The single biggest driver of the overall increase in extreme fossil fuel financing came from the tar sands sector, where financing grew by 111 percent from 2016 to 2017...[O]utside of China, coal mining financing more than doubled over the past year...

...The policy assessment shows that no bank has yet truly aligned its business plan with the Paris Climate Agreement, whose temperature goals require banks to cease financing expansion of the fossil fuel sector. Banks also must end their support for extreme fossil fuels. French bank BNP Paribas has the best grades on average...

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