Bankrolling fossil fuels: 60 giant banks pick up the $7 trillion tab for coal, oil & gas

(Offshore-energy.biz) While global efforts to break away from emission-intensive fossil fuels and pivot to low-carbon and renewable energy alternatives have grown by leaps and bounds since the Paris Agreement came onto the scene, concerns over energy security, rising demand, and population growth have enabled coal, oil, and gas to spread their wings further, with over 60 international banks keeping the fossil fuel players in business by footing the bill for their further expansion rather than cutting off the purse strings.

Main takeaways:

• 60 international banks committed $6.9 trillion over eight years to the fossil fuel industry with $3.3 trillion going to expansion projects
• Top three banks financing the coal, oil, and gas sectors since 2016 are JPMorgan Chase, Citigroup, and Bank of America
• Fossil fuels got $705 billion from banks last year
• Two German banks also pour billions into coal, oil, and gas projects
• Financing for LNG projects on the rise

In the years following the adoption of the Paris Agreement, the 60 largest private banks in the world financed fossil fuels to the tune of $6.9 trillion, based on a recent report, titled ‘Banking on Climate Chaos,’ which was published by the U.S. organization Rainforest Action Network (RAN), together with Urgewald and six other international partners. These environmental and climate groups oppose the funding of fossil fuel projects on climate grounds.

Read full article: https://www.offshore-energy.biz/bankrolling-fossil-fuels-60-giant-banks-pick-up-the-7-trillion-tab-for-coal-oil-gas/