abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapelocationmap-pinminusnewsorganisationotheroverviewpluspreviewprofilerefreshnewssearchsecurityPathtagticktooltiptwitteruniversalityweb
Article

Study: global banks 'failing miserably' on climate crisis by funneling trillions into fossil fuels

The world’s largest investment banks have funnelled more than £2.2tn ($2.66tn) into fossil fuels since the Paris agreement, new figures show, prompting warnings they are failing to respond to the climate crisis. The US bank JP Morgan Chase, whose economists warned that the climate crisis threatens the survival of humanity last month, has been the largest financier of fossil fuels in the four years since the agreement, providing over £220bn of financial services to extract oil, gas and coal...Although the last 12 months has seen many investment banks announce financing restrictions on coal, Arctic oil and gas, and tar sands extraction, the report warns that the business practices of financial institutions are not aligned with the Paris agreement...The report said big banks overall have increased their funding in the four years since Paris to companies with significant Arctic oil and gas reserves.

Alison Kirsch, a researcher at Rainforest Action Network who led the analysis in the report, said: “The data reveal that global banks are not only ramping up financing of fossil fuels overall, but are also increasing funding for the companies most responsible for fossil fuel expansion.”...Ahead of the next major international climate talks, Cop26 in Glasgow this November, the UK government has sought to make the business and the banking sector the focus of tacking the climate crisis...Johan Frijns, director of BankTrack, an NGO which monitors the activities of major financial institutions, said it was time for banks to commit to phasing out financing for all new fossil fuel projects...

Story Timeline