In the seven years since the Paris Agreement was adopted, the world’s 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.
Yesterday, the government of Norway and the European Commission released a joint statement on energy cooperation in which the EU officially supported “continued [oil and gas] exploration”.
This report analyzes fossil fuel financing from the world’s 60 largest commercial and investment banks — aggregating their leading roles in lending and underwriting of debt and equity issuances — and reveals that these banks poured a total of USD $3.8 trillion into fossil fuels from 2016–2020.
A new report, Banking on Climate Change 2020, reveals that 35 private-sector banks across Canada, China, Europe, Japan, and the U.S. have financed fossil fuels with USD $2.7 trillion since the Paris Agreement was adopted (2016-2019), with financing on the rise each year.
The report finds that fossil fuel financing continues to be dominated by the big U.S. banks – JPMorgan Chase, Wells Fargo, Citi, and Bank of America – together, these four banks account for a staggering 30% of all fossil fuel financing from the 35 major global banks since the Paris Agreement was adopted.
As Europe gives Russia a week’s grace to reverse its military actions in Ukraine or face a new round of sanctions, the oil industry just carries on investing with Russia regardless.
Yesterday marked the beginning of the end for the Arctic. Yes the oil industry has been drilling in the high North on Prudhoe Bay for decades now, but yesterday oil giant Shell begun drilling the first well in the Arctic Chukchi Sea in more than two decades. Yesterday morning, Shell’s Noble Discoverer drill-ship began to … Read More
Much of the focus recently about the dangers of Arctic drilling has focused on Shell’s plans to drill off Alaska. But let’s not forget about the real and growing dangers to the Russian Arctic too. Once again it seems that the oil industry is not prepared for the risks of a spill and maybe operating … Read More
Breaking News: In the UK right now, Greenpeace activists are shutting down Shell gas stations, in order to tell the company to stop drilling in the Arctic. As we stand 40 stations are currently shut down across the two main target cities: London and Edinburgh. In both capitals, Greenpeace plans to shut down every Shell … Read More
Poor old Shell. Last week it was humiliated in a spoof action by Greenpeace and the Yes Men. This week its corporate reputation takes a battering in a report by the Alaska Wilderness League. The 51 page report, published as Shell gears up to start drilling in the Arctic, makes devastating reading. It concludes that … Read More
Maybe in retrospect Shell should not have injuncted Greenpeace for disrupting its drilling rigs heading for the Arctic. For all it has done has made its opponents more creative in the way they will campaign against the oil giant. Late last week, there was widespread confusion across the American media, the internet, including Facebook and … Read More