Top 10 Private Banks Funding Fossil Fuels, Mostly from the US

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Adi Ahdiat 11/11/2022 17:30 WIB

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According to research by Oil Change International, global fossil fuel financing is dominated by four US banks: JPMorgan Chase, Citi, Wells Fargo, and Bank of America.

Top 10 Global Private Banks with the Largest Fossil Fuel Financing (2016-2021)

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Top 10 Private Banks Funding Fossil Fuels, Mostly from the US

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Top 10 Global Private Banks with the Largest Fossil Fuel Financing (2016-2021)

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According to a research report by Oil Change International (OCI), over the past six years, global private banks have continued to provide support for the expansion of the fossil fuel industry.

In 2016, global private bank financing for the sector reached US$723 billion. This trend increased to US$742 billion in 2021.

"In the six years since the adoption of the Paris Agreement, the world's 60 largest private banks have financed the fossil fuel industry to the tune of US$4.6 trillion," OCI stated in its *Banking on Climate Chaos 2022* report.

"Every bank that supports companies expanding fossil fuels is contributing to the climate catastrophe," it continued.

According to OCI's findings, the private bank that provided the most funding to the fossil fuel industry was JPMorgan Chase, with US$382 billion in financing during the 2016-2021 period.

This was followed by Citi, Wells Fargo, Bank of America, Royal Bank of Canada (RBC), Mitsubishi UFJ Financial Group (MUFG), Barclays, Mizuho, Scotiabank, and BNP Paribas, with financing amounts as shown in the graph.

"Overall, fossil fuel financing was dominated by four US banks—JPMorgan Chase, Citi, Wells Fargo, and Bank of America—which accounted for a quarter of global fossil fuel financing over the past six years," said OCI.

In response, OCI urged private banks to improve their policies.

"To keep global warming below 1.5 degrees Celsius, banks must end the financing of the expansion of fossil fuel projects across their supply chains," OCI stated.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Top 10 Private Banks Funding Fossil Fuels, Mostly from the US

Top 10 Private Banks Funding Fossil Fuels, Mostly from the US

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Top 10 Private Banks Funding Fossil Fuels, Mostly from the US

Top 10 Private Banks Funding Fossil Fuels, Mostly from the US

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