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Report finds continued increase in fossil fuel financing by major banks despite calls for climate action

In March 2020, a group of NGOs led by Rainforest Action Network published the Banking on Climate Change 2020 report. The report finds that 35 private-sector banks have provided USD $2.7 trillion for fossil fuel projects in the four years since the Paris Climate Agreement (2016-2019). The report further notes that such financing continues to increase despite calls for banks to cut their fossil fuel financing.

Full report      Website

The Business & Human Rights Resource Centre invited the biggest financiers of fossil fuel according to the report to respond:

This report is published annually. Please see last year's story for previous responses, media coverage and 2019 report.

Company Responses

Deutsche Bank View Response
Barclays View Response
Mizuho Financial Group View Response
Mitsubishi UFJ Financial Group View Response
BNP Paribas View Response
Bank of America View Response
Credit Suisse View Response
Bank of Montreal View Response
Goldman Sachs

No Response

JPMorgan Chase View Response
Morgan Stanley View Response
Royal Bank of Canada View Response
Sumitomo Mitsui Banking (part of Sumitomo Group)

No Response

Citigroup View Response
Wells Fargo View Response
Bank of China View Response
Scotiabank View Response

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