April 2, 2022

Amid a high-profile slew of net-zero commitments, 60 private-sector banks invested $742 billion in coal, oil, and gas companies, the report, titled “Banking on Climate Chaos,” finds. Since the Paris Agreement was brokered in December 2015, the same banks have poured $4.6 trillion into fossil fuel companies. Like many others banks on the list, the top four financiers of fossil fuel companies—JP Morgan Chase, Citi, Wells Fargo, and Bank of America—are members of the Net-Zero Banking Alliance, the banking arm of GFANZ. Mills cited the NZBA specifically as evidence that financial institutions were “starving” energy companies of capital, according to WFPL. Within the $742 billion total, banks included in the report funneled $185.5 billion into the world’s 100 most expansionary fossil fuel companies.

“You’ve got all these banks making net-zero commitments, and you look at their financing and it’s mostly chugging along with business as usual,” says Ben Cushing, the Fossil Free Finance Campaign Manager at the Sierra Club and a collaborator on the report. “The idea that the largest Wall Street banks are taking radical climate action or drastically reducing their fossil fuel financing is just not true.”

Read the rest of the article, Republicans Say “Woke” Wall Street Is Boycotting Fossil Fuels. The Numbers Prove Otherwise., HERE.

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