Hello!

 

We are pleased to share this year’s edition of the annual fossil fuel finance report: Banking on Climate Chaos 2023. Thank you so much for endorsing! The report is now publicly released, and was published by Oil Change International, BankTrack, Indigenous Environmental Network, Rainforest Action Network, Reclaim Finance, Sierra Club, and urgewald, and endorsed by over 600 organisations from 70+ countries, including yours.

The report looks at the world’s 60 largest private sector banks, finding that they financed fossil fuels with USD 5.5 trillion since the adoption of the Paris Agreement, including USD 673 billion in 2022 alone. Fossil fuel financing plateaued in 2020, rebounded in 2021, and leveled out again in 2022 owing to unusual geopolitical and economic conditions (not shifts in bank policy).

Report: BankingOnClimateChaos.org

Share Pack: https://docs.google.com/document/d/1G3ZMYb4cDBYcdaNTa3fqy7HMmwpTefwOdX-8wNUOUZQ/edit

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 frontline stories, which will be rolled out in the coming weeks!

If you would like to help spread the word, here is a social media toolkit with some sample posts and graphics for your use and communications. Many of our release materials are in English, but you can also access communiqué de presse en françaiscomunicado de prensa en españolcomunicado de imprensa em português, and a プレスリリース.

For the first time since 2019, a Canadian bank is the #1 annual financier of fossil fuels rather than U.S. bank JP Morgan Chase. Royal Bank of Canada (RBC) showered fossil fuel projects with USD 42.1 billion dollars in 2022.

JPMorgan Chase remained worst in the U.S., while Barclays was worst in the UK, BNP Paribas was worst in the EU, MUFG was worst in Japan, and ICBC was worst in China. The report lays bare the shocking fact that even as fossil fuel companies made USD 4 trillion in profits in 2022, banks still provided USD 673 billion in financing for fossil fuels.

 

While Europeans and Ukrainians called for a transition to renewables to stop funding Russian atrocities, fossil fuel companies doubled down on expansion and weakened their climate commitments. The top 30 companies expanding LNG used the crisis to secure nearly 50% more financing in 2022 compared to 2021 from the banks in the report — even as experts agree that the LNG expansion plans in Europe are unnecessary, and new projects would contribute to a supply glut and long-term dependence on this fossil fuel.

Thanks again for your endorsement, and for all the work you do. Please let us know if you have questions or need additional resources regarding the report.

Best wishes,

Collin on behalf of the teams at Oil Change International, BankTrack, Indigenous Environmental Network, Rainforest Action Network, Reclaim Finance, Sierra Club, and urgewald

 

Collin Rees // Senior Campaigner, Oil Change International & Oil Change U.S. // @collinrees // +1 308 293 3159
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