Nicole Goodkind, CNN
Banks have pledged to go green, but last year they poured billions of dollars into expanding the capacity of fossil fuel production despite the accelerating climate crisis.
Banks provided $673 billion to finance the fossil fuel industry last year, even as oil and gas companies made $4 trillion in profits, according to the annual Banking on Climate Chaos report, authored by a group of nonprofits including The Rainforest Action Network and the Sierra Club.
While Canadian banks are providing a rising share of the money, US lenders still dominate the market and accounted for 28% of all fossil fuel financing in 2022, said the report.
At the top of that list is JPMorgan Chase, the largest funder of fossil fuels cumulatively since the Paris Agreement on climate change was signed in 2016, according to the report. Citi, Wells Fargo, and Bank of America are also among the top five fossil financiers since 2016, the report found.
“Major US banks stalled on their net-zero plans and failed to adopt stronger and more robust financing restrictions for companies pushing unsustainable fossil fuel expansion,” said Adele Shraiman, senior campaign representative for the Sierra Club’s Fossil-Free Finance Campaign, in a statement.
Oil and gas companies have seen skyrocketing growth as the energy crisis triggered by Russia’s war in Ukraine sent prices soaring, challenging people’s quality of life and financial stability….