While top banking executives pay lip-service to the need to end financing fossil-fuel projects, their actions show otherwise.
John,
According to Bloomberg News, Big Banks provided $459 billion in bonds and loans for the oil, gas, and coal sectors just this year.
As world and industry leaders gathered in Glasgow for the COP26 summit, it was disclosed the banking industry has facilitated almost $4 trillion of fossil-fuel financing since the Paris Climate Accord in 2015.
This financing supports increasing carbon emissions, enabling the climate-induced deadly storms, floods, fires, and droughts that have been ravaging the world.
While top banking executives pay lip-service to the need to end financing fossil-fuel projects, their actions show otherwise.
In the U.S., the primary offender is JPMorgan. It is the world’s leading provider of finance to the fossil-fuel industry. According to data compiled by Bloomberg, JP Morgan has made nearly $1 billion in revenue in just the past five years from its financing of oil, gas, and coal companies.
John, it’s clear we need more members of Congress who will stand up to Big Banks and call them out for their hypocrisy. We will not see an end to these lucrative financing practices until they’re exposed by Congress.
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