Top global banks lend billions to extract fossil fuels

Author: Fiona Harvey, The Guardian (UK), Published on: 29 June 2017

Some of the world's top banks are continuing to lend tens of billions for extracting the most carbon-intensive fossil fuels, according to a report of top lenders [by Rainforest Action Network, Banktrack, Sierra Club, Oilchange International.]...The analysis...showed that multinational banks...were trumpeting their green credentials while continuing to pour money into the dirtiest fuels...The report...scored the institutions from A to F on their practices, including the banks' policies, the nature of the investments, the size and type of transactions, and the impact on climate change...The highest rating went to a handful of banks who scored a B for having scaled back their support for coal mining and coal-fired power generation, including France’s Credit Agricole and Germany’s Deutsche Bank...dozens of Fs were awarded for tar sands exploitation and ultra-deep water drilling for oil...Several banks told the Guardian they were actively engaged in a transition away from high-carbon fossil fuels...[and that the] rankings and report failed to take account of their activities in boosting the green economy.

[Includes responses by Bank of America, Standard Chartered, Deutsche Bank, HSBC. Report also refers to Agricultural Bank of China, ANZ, Bank of China, Bank of Montreal, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi UFJ, Barclays, BNP Paribas, BPCE/Natixis, China Construction Bank, CIBC, Citigroup, Credit Agricole, Credit Suisse, Commonwealth Bank, Goldman Sachs, ICBC, ING, JPMorgan Chase, Mizuho, Morgan Stanley, NAB, PNC, RBC, Santander, SMBC, Societe Generale, TD Bank, UBS, Unicredit, Wells Fargo, Westpac]

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Related companies: Agricultural Bank of China ANZ Bank Bank of America Bank of China Bank of Montreal Bank of Nova Scotia Bank of Tokyo-Mitsubishi UFJ (part of Mitsubishi UFJ) Barclays BNP Paribas Canadian Imperial Bank of Commerce (CIBC) China Construction Bank Citigroup Commonwealth Bank Crédit Agricole Credit Suisse Deutsche Bank Goldman Sachs HSBC Industrial & Commercial Bank of China ING Bank JPMorgan Chase Mizuho Financial Group Morgan Stanley National Australia Bank Natixis PNC Financial Services Royal Bank of Canada Royal Bank of Scotland Santander SMBC Nikko Securities Société Générale Standard Chartered Toronto-Dominion Bank UBS UniCredit Bulbank Wells Fargo Westpac