Financing of the oil and gas industry that is helping drive global temperatures to a dangerous point has snapped back strongly, a new report says.
In fact, current spending tops the capital flowing in 2016, the year just after arguably the most significate climate pledge to date was struck in Paris.
The 60 banks profiled in the report funneled $185.5 billion just last year into the 100 companies doing the most to expand the oil CL00, -1.93% and gas sector, says a group of environmental nonprofits, which reports such findings in their 13th annual Banking on Climate Chaos release.
The release documents that in the six years since the adoption of the Paris Agreement — setting a no more than 2 degrees Celsius and, ideally, 1.5 degrees, warming limit — the world’s 60 largest banks financed fossil fuels with $4.6 trillion in loans and other capital. That includes $742 billion in 2021 alone as the world recovered from the worst of COVID-19.
The report shows that overall fossil-fuel financing remains dominated by four U.S. banks, with JPMorgan Chase JPM, -1.09%, Citigroup C, -1.80%, Wells Fargo WFC, -1.81%, and Bank of America BAC, -1.60% together accounting for one quarter of all fossil fuel financing identified over the last six years.
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