This report, Banking on Climate Chaos 2023, analyzes fossil fuel financing and policies from the worldâs 60 largest commercial and investment banks. We reveal that fossil fuel financing from the worldâs 60 largest banks has reached nearly USD $5.5 trillion in the seven years since the adoption of the Paris Agreement, with $673 billion in 2022 alone.
Oil
New Report: Canadian Bank RBC the #1 Financier of Fossil Fuels, Worldâs Biggest Banks Continued to Pour Billions into Fossil Fuel Expansion
In the seven years since the Paris Agreement was adopted, the worldâs 60 largest private banks financed fossil fuels with USD $5.5 trillion. The report lays bare the shocking fact that even as fossil fuel companies made $4 trillion in profits in 2022, banks still provided $673 billion in financing. Remarkably, this happened while oil majors like Exxon Mobil and Shell PLC asked for $0 financing from banks in 2022.
Oil Change International experts respond to COP27:Â Lack of progress on fossil fuels mars key steps on loss and damage
Despite important progress on establishing a loss and damage fund, COP27 failed to acknowledge the need for a rapid and equitable phase-out of oil, gas, and coal.
Investing in Disaster: Recent and Anticipated Final Investment Decisions for New Oil And Gas Production Beyond the 1.5°C Limit
The briefing reveals that new oil and gas production approved to date in 2022 and at risk of approval over the next three years could cumulatively lock in 70 billion tonnes (Gt) of new carbon pollution. This is equivalent to almost two yearsâ worth of global carbon emissions from energy at current levels, 17 percent of the worldâs remaining 1.5°C carbon budget, or the lifecycle emissions of 468 coal power plants.
Japan’s Dirty Secret: World’s top fossil fuel financier is fueling climate chaos and undermining energy security
This briefing, “Japan’s Dirty Secret: World’s top fossil fuel financier is fueling climate chaos and undermining energy security,” reveals that Japan is the worldâs largest public financier of fossil fuel projects, providing 10.6 billion USD per year between 2019 and 2021. Japan has been leading the drive to expand gas consumption in Asia and is the worldâs leading financier of gas infrastructure globally, spending USD 6.7 billion on gas projects on average each year between 2019 and 2021.
New briefing: Japan is the worldâs largest provider of public finance for fossil fuels, spending 10.6 billion USD a year
FOR IMMEDIATE RELEASE November 8, 2022 Contacts: Makiko Arima â makiko@priceofoil.org (AEST) Susanne Wong â susanne@priceofoil.org (CEST) New briefing: Japan is the worldâs largest provider of public finance for fossil fuels, spending 10.6 billion USD a year Briefing highlights that Japanâs support for oil, gas and coal is fueling the climate crisis, undermining energy security and harming … Read More
âWe’re not in an energy crisis, we’re in a fossil fuel crisisâ â advocates discuss fossil fuels at onset of COP27
“Make no mistake â the fossil gas agenda is a neocolonial agenda and patriarchal one. Fossil gas will not provide âenergy securityâ in Africa or anywhere else.” âLorraine Chiponda
IEA confirms energy crisis is fossil fuel crisis and forecasts peak in gas
The International Energy Agency (IEA) released its 2022 World Energy Outlook (WEO), underscoring that accelerating investment in clean energy and efficiency, not new fossil fuels, is the answer to both climate and energy security crises. In a marked shift for the IEA, WEO 2022 essentially declares an end to the âgolden age of gas,’Â as a result of the current energy crisis cementing an economic case against gas expansion, on top of the clear climate case.
Shell’s Fossil Fuel Production: Still Pushing The World Towards Climate Chaos
Since May 2021, Shell has expressed interest to develop ten new oil and gas extraction assets, which could lock in additional CO2 pollution (325 million metric tonnes) two times greater than the Netherlandsâ total CO2 emissions in 2021.
Release: Shell snubs climate case verdict and continues drilling for more
Despite the ongoing climate crisis, Shell continues to develop new oil and gas assets. Since the Dutch court ruling in May 2021, Shell has made definitive investments in 10 assets, which once burned will result in 325 million metric tonnes of CO2 emissions. Shell also co-owns more than 750 untapped oil and gas assets, which would amount to 4.3 billion metric tonnes of extra CO2 emissions, 30 times more than the total emissions from the Netherlands in 2021.