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

Author: Laura Paddison, Huffington Post (US), Published on: 24 April 2018

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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