This story was originally published by the Guardian and is reproduced here as part of the Climate Desk collaboration. The world’s big banks have handed nearly $7 trillion in funding to the fossil fuel industry since the Paris agreement on carbon emissions, according to research. In 2016, after talks in Paris, 196 countries signed an agreement to limit global heating as a result of carbon emissions to at most 2°C above preindustrial levels, with an ideal limit of 1.5°C to prevent the worst impacts of a drastically changed climate. Many countries have since promised to reduce carbon emissions, but the latest research shows private interests continued to funnel money to oil, gas, and coal companies, which have used it to expand their operations. JP Morgan Chase provided the most of any single bank in the world, $40.8 billion.
Report: Since Paris, Banks Have Channeled $6.9 Trillion To Fossil Fuel Firms
Damien Gayle, Mother Jones
Tue, 05/14/2024 - 3:00am
Topics: desk collaboration guardian researchers amazon arctic net zero banking alliance mizuho london-based barclays europe s spain s santander germany s deutsche bank european capitalism tom bk goldtooth indigenous environmental network mother as indigenous critics refinitiv specifically spokespeople barclays america jp morgan chase deutsche bank paris jp morgan chase america bank santander earth report trillion fossil fuel firms billion companies climate world industry emissions financing biggest carbon oil °c countries limit total financier financiers global fuels gave levels heating destruction agreement part published continue coal extraction-based gas underwriting expansion harm economy perpetuate
BING NEWS:
- US Banks Rank as Largest Global Fossil Fuel Financers
JPMorgan has invested over $430 billion in fossil fuels since the Paris Agreement JPMorgan Chase, Citigroup and Bank of America rank as the top three biggest financers to fossil fuels in the world, ...
05/20/2024 - 4:29 pm | View Link - Big Banks Have Given Nearly $7 Trillion to Fossil Fuel Companies Since Paris Agreement, Report Says
However, contrary to their pledges, private interests in many countries have kept funding the operations of fossil fuel companies, which have continued to expand, reported The Guardian. The impacts ...
05/17/2024 - 2:11 am | View Link - Report: Since Paris, Banks Have Channeled $6.9 Trillion to Fossil Fuel Firms
London-based Barclays was Europe’s biggest fossil fuel financier, with $24.2 billion, followed by Spain’s Santander at $14.5 billion and Germany’s Deutsche Bank with $13.4 billion. Overall, European ...
05/13/2024 - 11:01 pm | View Link - Banks are propping up the fossil fuel industry to the tune of €6.5 trillion, new report finds
Barclays, Santander and Deutsche Bank were among Europe’s biggest fossil fuel financers in 2023. View on euronews ...
05/13/2024 - 5:00 am | View Link - More
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