BREAKING News! Hot off the press: Our latest report is exposing the world’s biggest banks for directly bankrolling the climate crisis. What did we find? In a year full of “net zero” pledges, banks publicly patted themselves on the back while in reality, they were busy delaying serious climate action. And we have the receipts to prove it.

The numbers are in, and in the last 6 years, 60 banks have poured $4.6 TRILLION into fossil fuel financing that’s wrecking the climate, violating Indigenous rights, and fueling forest fires around the world.

Big banks know they need to clean up their act, and they’re hoping “net zero” pledges will distract people from seeing them for what they are: Lies and empty promises. It’s time to send these banks a reality check.

So what could $4.6 trillion have been better spent on over the last 6 years? Solving the climate crisis! Instead, banks have literally been pouring gasoline on the climate fire.

Let’s take Chase as just one example: They’ve financed Exxon to the tune of $15 billion, TC Energy a whopping $23 billion, and sunk nearly $5 billion into Russia’s Gazprom.

Last November, world leaders met for the UN climate conference in Glasgow, Scotland to make commitments to accelerate action on climate. But just three months into 2022, we’ve exposed that while many big banks have made climate commitments on paper, they poured $742 billion into fossil fuels in 2021 ALONE.

Some banks, like JPMorgan Chase and Wells Fargo, even increased their fossil fuel financing last year. Does that sound like the action of a bank that cares about the climate? Hard stop: because we’re running out of time for banks to take significant action to slow the climate crisis they’ve played a central role in escalating.

But some banks are bankrolling fossil fuels more than others. The worst in the world: U.S. banks. JPMorgan Chase, Citi, Wells Fargo, and Bank of America account for more than 25% of fossil fuel financing from 60 banks around the world. These banks are raking in profit from bankrolling fossil fuels, deforestation, and human rights abuses.

We’re running out of time, Jeanne: we need every single one of these banks to take concrete actions to start zeroing out their fossil financing now. By 2030, the world needs to cut emissions by at least half — that’s less than 8 years from now. Big banks have dragged their feet for years already, and we can’t wait until 2050 for them to keep their promises.

Will you help us hold banks accountable to communities around the world?Tell the CEOs of the top U.S. fossil fuel banks that their lack of climate action won’t cut it, they must make a plan to phase out all fossil fuel financing for good.

With YOUR help, we can move big banks.

For a liveable climate,

Alison Kirsch
Policy and Research Manager
Climate and Energy Program
Rainforest Action Network


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