• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 1 hour U.S. Presidential Elections Status - Electoral Votes
  • 38 mins Evergrande is going Belly Up.
  • 1 day Australia sues Neoen for lack of power from its Tesla battery
  • 11 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 8 hours Europeans and Americans are beginning to see the results of depending on renewables.
  • 2 days Oil Price: does the security vacuum in the Middle East spook investors?
  • 2 hours Ozone layer destruction driving global warming
  • 3 days Forecasts for Natural Gas
  • 5 days Ten Years of Plunging Solar Prices
  • 5 days Extraction of gasoline from crude oil.
Gazprom: We're Not Withholding Gas To Europe

Gazprom: We're Not Withholding Gas To Europe

Russian gas giant Gazprom dismisses…

Report Accuses Banks Of Creating “Climate Chaos”

A new report by a group of environmentalist organizations has accused the world’s biggest banks of wreaking “climate chaos” on the world by investing trillions in the oil and gas industry.

Titled “Banking on Climate Chaos”, the report says that the world’s 60 biggest banks have invested $3.8 trillion in fossil fuels in the five years since the Paris Agreement.

“Runaway funding for fossil fuel extraction and infrastructure fuels climate chaos and threatens the lives and livelihoods of millions,” the authors said, noting that the biggest culprit was JP Morgan, which poured $317 billion in the oil and gas industry through lending and debt and equity issue underwriting.

Citi was second, with $238 billion in fossil fuel investments over the five years since the Paris Agreement, and Wells Fargo completed the top three with $223 billion. Bank of America and RBC came in fourth and fifth, making the top five “wrong” investors all-North American.

In all fairness, many banks have been in a rush to make environmental commitments recently, possibly thanks to the growth spurt that ESG investments have experienced over the last few years and the growing pressure on all industries to reduce their carbon footprint.

JP Morgan, for example, last year launched something called the Center for Carbon Transition as a tool to help its corporate clients reduce their own emissions, which would help the bank reduce the emissions from its business.

Citi has set for itself a net-zero emissions target for 2050 earlier this month, noting that it had invested in $164 billion worth of “low-carbon solutions” and had last year made a commitment to invest or facilitate another $250 billion in “environmental transactions” over the next five years.

Wells Fargo is no exception—the bank has committed to reducing its emissions by 45 percent from 2008 levels this year alone, as well as its energy consumption by 40 percent from 2008 levels. Like the rest of the Wall Street giants, Wells this year committed to becoming a net-zero enterprise by 2050.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • C. Richard Abbate on March 24 2021 said:
    On the other hand, if oil & gas producers don't have sufficient access to capital the power markets (to take one example) becomes inherently less stable as the reliability of supply decreases.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News