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Global funding for extreme fossil fuels increased by 11% in 2017, new report finds

[Includes responses by BNP Parbias, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Royal Bank of Canda, Morgan Stanley & Toronto-Dominion Bank]

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24 April 2018

Top banks pumped billions more into the dirtiest fossil fuels last year

Author: Laura Paddison, Huffington Post (US)

Some of the world’s biggest banks continue to lend money to support the dirtiest fossil fuels, despite global commitments to tackle climate change, according to a report published Wednesday, which picks out U.S. and Canadian banks as the worst offenders...Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD) and JPMorgan Chase...were identified as the “biggest backsliders,” meaning they showed the greatest increases in such financing...

...[S]everal big banks contacted by HuffPost insisted that they are committed to clean energy...Deutsche Bank referred to its 2016 commitment to no longer finance new coal mining or coal-fired plant construction or expansion...A TD spokeswoman said the bank had committed to provide some $77.5 billion in financing for low-carbon initiatives by 2030. “TD is taking clear steps to help accelerate the development of a low-carbon economy, while recognizing the importance of responsibly developing conventional energy, vital to North America’s economic strength and security,” she said...A Goldman Sachs spokeswoman said that the bank “is committed to mobilizing capital to scale up clean energy” and noted that it has provided more than $30 billion in clean energy financing and investment since 2016. She also said Goldman Sachs applies “enhanced due diligence” to coal investments...RBC and Morgan Stanley did not immediately reply to requests for comment. JPMorgan Chase and BNP Paribas declined to comment... 

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28 March 2018

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

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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