10 Fossil Fuel Companies Backed by Major Private Banks

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Adi Ahdiat 15/11/2022 17:40 WIB

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Between 2016 and 2021, the world's largest private banks continued to provide financing for the expansion of the fossil fuel industry.

Top 10 Fossil Fuel Companies with the Largest Private Bank Financing Globally (2016-2021)

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10 Fossil Fuel Companies Backed by Major Private Banks

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Top 10 Fossil Fuel Companies with the Largest Private Bank Financing Globally (2016-2021)

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According to a report by Oil Change International (OCI), from 2016 to 2021, the world's largest private banks continued to provide financing for the expansion of the fossil fuel industry.

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

OCI's findings show that Enbridge received the largest amount of financing from private banks, totaling US$98 billion during the 2016-2021 period.

This was followed by ExxonMobil, Saudi Aramco, BP, TC Energy, Occidental Petroleum, Shell, China National Petroleum Corporation (CNPC), Shanxi State-Owned Capital Investment Operation Co, and Sempra Energy, with financing amounts as shown in the graph.

The private banks providing the most funding for the fossil fuel industry generally originate from the United States.

"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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10 Fossil Fuel Companies Backed by Major Private Banks

10 Fossil Fuel Companies Backed by Major Private Banks

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10 Fossil Fuel Companies Backed by Major Private Banks

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