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Report alleges major banks contribute to climate change through increased funding of fossil fuels

In May 2019, a group of NGOs led by Rainforest Action Network published research findings that suggest some of the biggest banks around the world are financing fossil fuels more than ever before. Since the Paris Agreement took effect in 2016, 33 of the top banks have contributed $1.911 trillion in fossil fuel financing. 

Full report | Executive summary

Business & Human Rights Resource Centre reached out to the top banks named in the report for a public response:

  1. Bank of America has not yet responded
  2. Bank of China did not respond
  3. Bank of Montreal response
  4. Barclays response
  5. Citi response
  6. Deutsche Bank response
  7. Goldman Sachs did not respond
  8. HSBC response
  9. JPMorgan Chase response
  10. Mizuho response
  11. Morgan Stanley response
  12. MUFG has not yet responded
  13. RBC (Royal Bank of Canada) response
  14. Scotiabank response
  15. SMBC Group did not respond
  16. TD Bank response
  17. Wells Fargo response

Company Responses

Toronto-Dominion Bank (TD Bank) View Response
Deutsche Bank View Response
Barclays View Response
Sumitomo Mitsui Financial Group

No Response

Bank of Montreal View Response
Scotiabank View Response
Royal Bank of Canada View Response
JPMorgan Chase View Response
Wells Fargo View Response
Citigroup View Response
Morgan Stanley View Response
Goldman Sachs

No Response

Mizuho Bank (part of Mizuho Financial Group) View Response
Bank of China

No Response

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