The report finds that major private banks funneled $115 billion into extreme fossil fuels in 2017, an increase of 11% from 2016. The single biggest driver of the increase in financing came from the tar sands sector, where financing grew by 111% from 2016 to 2017.
Rainforest Action Network, Oil Change International, Indigenous Environmental Network, Honor the Earth, BankTrack, and Sierra Club with 350.org, 350 Eugene, 350 Seattle, Amazon Watch, Asia Pacific Forum on Women, Law and Development, Bank Information Center, Bold Alliance, Carrizo/Comecrudo Tribe of Texas, Catskill Mountainkeeper, CEE Bankwatch, Center for Sustainable Economy, CHANGE, Christian Aid, Citizens Against LNG, … Read More
Big banks’ business as usual is killing the climate. From 2014 to 2016, big banks around the world poured $290 billion into extreme fossil fuel companies and failed to respect human rights.
Across North America and beyond, a growing movement of communities, tribes, and cities is pushing banks to divest from dirty pipelines – going directly after the money that enables the construction of new fossil fuel infrastructure. Now landowners in Virginia and West Virginia are opening up a new front in the push to #DefundPipelines.
Residents of Virginia and West Virginia opened up a new front today in their fight to stop the 301-mile Mountain Valley Pipeline: targeting the major U.S. ‘main street’ banks on tap to finance the fracked-gas project’s $3.5 billion price tag. The banks are identified in a new analysis released today by Oil Change International that examines how the pipeline will be financed.
This analysis examines the banks that are in line to finance the Mountain Valley Pipeline, a 301-mile, $3.5 billion fracked-gas project proposed to run from West Virginia through south central Virginia.
In the past three years, the North American and European commercial and investment banking sector has engaged in fossil fuel financing practices that are deeply at odds with the global climate agreement reached at COP 21 last December.