Nearly $7 trillion has been funneled to fossil fuel companies by major banks since the Paris climate agreement, intensifying the global climate crisis.
Damien Gayle reports for The Guardian.
In short:
- The report highlights that $3.3 trillion of the total financing was aimed at expanding fossil fuel operations.
- U.S. banks lead this financing, with JP Morgan Chase providing the largest sum in 2023.
- European banks, with Barclays at the forefront, contributed a quarter of the fossil fuel financing last year.
Key quote:
“Financiers and investors of fossil fuels continue to light the flame of the climate crisis."
— Tom BK Goldtooth, executive director of the Indigenous Environmental Network
Why this matters:
The persistent investment in fossil fuels threatens to exceed the global heating limits set by the Paris agreement, potentially leading to irreversible environmental damage. This financial support is often justified as necessary for economic growth and energy security in recipient countries. However, critics argue that it locks us into a future dependent on fossil fuels, which are detrimental to the environment and global health.
