File:60 biggest banks invest 3.8 trillion in fossil fuels from 2016-2020.jpg: Difference between revisions

"Banking on Climate Chaos" (PDF)"

Introduction: This report analyzes fossil fuel financing from the world’s 60 largest commercial and investment banks — aggregating their leading roles in lending and underwriting of debt and equity issuances — and finds that these banks poured a total of $3.8 trillion into fossil fuels from 2016–2020.

1. Fossil fuel financing dropped 9% last year, parallel to the global drop in fossil fuel demand and production due to the COVID-19 pandemic.

2 And yet 2020 levels remained higher than in 2016, the year immediately following the adoption of the Paris Agreement.

60 largest banks in the world invested $3.8 trillion in fossil fuels: Report

"Despite the economic recession induced by the coronavirus pandemic, more money went into the industry in 2020 than in 2016"

The world’s 60 biggest banks have financed the fossil fuel industry to the tune of nearly $4 trillion in the five years since the Paris climate agreement, according to a report released March 24th by a coalition of environmental organizations.

The report was authored by Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, and Sierra Club, and is endorsed by over 300 organizations from 50 countries around the world.

• https://www.marketwatch.com/story/major-banks-including-jpmorgan-and-citi-have-invested-3-8-trillion-in-fossil-fuels-since-the-paris-agreement-11616635285

• https://www.commondreams.org/newswire/2021/03/24/new-report-worlds-60-largest-banks-have-poured-38-trillion-fossil-fuels-paris-0

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