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The latest annual report card on big banks’ fossil fuel funding is just out, and the findings are alarming. As the climate crisis deepens, the world’s biggest banks are making it worse by pouring more and more money into fossil fuels -- and America’s largest banks are doing the most damage of all.
The annual Banking on Climate Chaos report totals up the funding from banks around the world to thousands of fossil fuel companies. The latest report shows that over the five years since the adoption of the Paris Climate Agreement, 60 of the world’s largest banks poured $3.8 trillion into the fossil fuel industry.. The four largest banks in the U.S. are also the four largest funders of fossil fuels in the world: JPMorgan Chase, Citi, Wells Fargo, and Bank of America account for more than 25% of total fossil fuel financing from the 60 banks analyzed over 2016-2020. And JPMorgan Chase continues to top them all by a wide margin.
The good news is that a growing movement across the country and around the world is taking on Wall Street and has already begun to move these giants. Every major U.S. bank has ruled out funding for coal projects and Arctic drilling projects, and has committed to a long-term goal to zero-out the emissions caused by its financing by 2050, but none of these banks is doing nearly enough to stop fueling the climate crisis -- so we have to keep raising our voices louder than ever before.
Take action: Tell the CEOs of the four largest US banks to stop financing fossil fuels!
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