- 04.04.2022
- Array
Recourse joined over 500 organizations from more than 50 countries in endorsing Banking on Climate Chaos 2022. The report was published by Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, and urgewald.
The report looks at the world’s 60 largest private sector banks, and finds that together they financed fossil fuels with $4. 6 trillion since the Paris Agreement was adopted, with $742 billion in 2021 alone — a number that remains higher than their fossil fuel financing in 2016 or 2017, just after the Paris Agreement was adopted. Even in a year when dozens of these banks made “net zero” commitments, in 2021 they funneled $185.5 billion into 100 companies doing the most to expand fossil fuel use.
JPMorgan Chase remains the world’s worst funder of climate chaos over the last 6 years, followed by Citi, Wells Fargo, and Bank of America.
Worst in Canada: RBC.
Worst in the UK: Barclays.
Worst in the EU: BNP Paribas.
Worst in Japan: MUFG.
Worst in China: Bank of China.
Overall fossil financing was flat from 2020 to 2021, when it should be declining sharply — but the banks that actually increased financing really stand out: Wells Fargo was worst, with a $20 billion increase; JPMorgan Chase was in the top five. RBC was second-worst, and the rest of the big five Canadian banks also saw jumps: Scotiabank, CIBC, TD, and Bank of Montreal. Mizuho saw the biggest increase in Japan.
At bankingonclimatechaos.org y
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