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Banks have pumped $ 4 trillion into oil financing since the climate deal

A group of non-governmental organizations said on Tuesday that the world’s leading banks have provided $ 3.8 trillion in financing to the fossil fuel industry in the five years following the signing of the Paris climate accord.

While funding declined last year as oil production decreased thanks to the Coronavirus epidemic, the report found that it was still higher than it was in 2016, the year after the signing of the Paris Agreement in which countries agreed to reduce carbon dioxide emissions to curb the global rise. Temperatures.

“The overall trend in fossil fuel financing in the past five years has definitely gone in the wrong direction,” said the report by NGOs including Rainforest Action Network, BankTrack, Oil Change International and the Sierra Club.

The report called on “banks to put in place policies that lock in declines in fossil fuel financing for the year 2020, fearing that they will return to business as usual in 2021.”

And it found that US banks remained at the forefront of bankers for fossil fuel companies last year, with JPMorgan Chase ranked first, followed by Citi and Bank of America.

If their financing for the fossil fuel industry decreases, then French banks, particularly BNP Paribas, will indeed increase their subsidies.

Italy’s UniCredit received the highest score for policies restricting fossil fuel financing, although the report indicated that it only scored half of the points possible.

She said that the results confirm that “the banking sector is still far from committing to a complete exit from fossil fuel financing.”

The report also noted that many banks, such as governments and corporations, pledge to reach net zero carbon emissions by 2050, but have yet to present plans that do not rely on many compensating and rosy assumptions about technological advances.

“No bank that is committed to the climate of 2050 should be taken seriously unless it also acts on fossil fuels in 2021,” the NGOs said.

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