Four big U.S. banks - JPMorgan Chase, Wells Fargo, Citi and Bank of America - account for nearly a third of fossil fuel financing from global banks since the Paris Agreement was adopted four years ago.
Banking on Climate Change 2020, released by Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, and the Sierra Club, and endorsed by over 250 organizations from 45 countries around the world, adds up lending and underwriting to 2,100 companies across the coal, oil and gas sectors globally over the period 2016-2019.
The report finds that fossil fuel financing continues to be dominated by the big U.S. banks: JPMorgan Chase, Wells Fargo, Citi, and Bank of America. Together, these four banks account for a staggering 30% of all fossil fuel financing from the 35 major global banks since the Paris Agreement was adopted four years ago. In total, the 35 global banks have been expanding the fossil fuel sector with more than $2.7 trillion since December 2015.
Read more about the connection between this report and BailoutWatch in the Analysis section.
Rainforest Action Network (RAN) is a nonprofit, tax-exempt 501(c)(3) corporation that preserves forests, protects the climate and upholds human rights by challenging corporate power and systemic injustice through frontline partnerships and strategic campaigns. RAN's most recent financial disclosure can be found here. Other RAN reports can be found here.