350 Wenatchee Climate Conversations NCW

Hi all,

Today marks the release of Banking on Climate Change: Fossil Fuel Finance Report 2020. This 11th annual bank report was published by Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance and the Sierra Club, and endorsed by more than 250 organizations from 45 countries.

We want to acknowledge that we are releasing this report in extraordinary circumstances, given the terrible impacts of COVID-19 on lives, health, and livelihoods for people around the world. The urgent need to respond to the pandemic and resultant economic impact is rightly taking priority, and may do so for some time. However, climate change remains an existential threat that, like the coronavirus, will require unprecedented global action in solidarity with those most vulnerable. We believe that the data and analysis in this report will prove useful in addressing that threat with the seriousness that it deserves.

The report finds that 35 global banks financed fossil fuels with $2.7 trillion since the Paris Agreement was adopted. These banks’ fossil finance grew yet again in 2019 — dangerously at odds with the steep cuts to emissions we need in order to keep the world’s warming to 1.5°C.

JPMorgan Chase is the world’s biggest fossil banker of climate change — by an appalling 36%. Wells Fargo, Citi and Bank of America are next, meaning the top four fossil banks are all U.S.-based.

Worst in Canada: RBC (by a 36.0% margin). Worst in Europe: Barclays (by 36.5%). Worst in Japan: MUFG (by 15%). Worst in France: BNP Paribas (by 56%).

The report has so far been covered in outlets such as The Guardian and The Hill. At www.ran.org/bankingonclimatechange you can download the report, interact with the data, read the case studies, and more.

We recognize that many organizations are rightly prioritizing their coronavirus response right now — but if you want to share about this report, here is the 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.

In solidarity,

Jason