Here is the Bank Report!!

Hello!

We are pleased to share the 13th edition of the annual fossil fuel finance report: Banking on Climate Chaos 2022. Thank you so much for endorsing! The report was published today by Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, and urgewald, and endorsed by over 500 organizations from more than 50 countries, including yours.

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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 you can download the report, interact with the data, explore the case studies, and take action. Keep an eye out for future multimedia case studies, which will be rolled out in the coming weeks!

The report has already been covered by the Financial Times this morning. If you’d like to help spread the word, here is a social media toolkit with some sample posts and share graphics for your use!

Thank you for all you are doing to end bank financing for fossil fuels and human rights abuses.

Natasha, on behalf of Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club and urgewald.

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Natasha Ion

(they/them)

Climate Campaigner | BankTrack

TEL : +31 24 324 9220 | SKYPE : natashaion

WEBSITE : www.banktrack.org

Sign the Global Call on Banks: www.fossilbanks.org