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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.
The Business & Human Rights Resource Centre invited the biggest financiers of fossil fuel according to the report to respond:
- Bank of America response
- Bank of China response
- Bank of Montreal response
- Barclays response
- BNP Paribas response
- Citi response
- Crédit Suisse response
- Deutsche Bank response
- Goldman Sachs did not respond
- HSBC response
- ICBC did not yet respond
- JPMorgan Chase response
- Mizuho response
- Morgan Stanley response
- MUFG response
- RBC (Royal Bank of Canada) response
- Scotiabank response
- SMBC Group did not respond
- TD Bank response
- Wells Fargo response
This report is published annually. Please see last year's story for previous responses, media coverage and 2019 report.