Inconceivable: Global banking giants have lent or arranged more than $700 billion to benefit fossil fuels

HIBAPRESS-RABAT- 8 NGOs

A consortium of NGOs has just affirmed that the world’s banking giants lent or arranged more than 700 billion dollars last year for the benefit of fossil fuels, an amount nevertheless on a downward slope.

For her part, Lucie Pinson, founder and director of Reclaim Finance, affirms that “Banks must urgently stop financing oil and gas expansion and favor financing for sustainable energies for electricity production.”

Since the signing of the Paris climate agreement of 2015, which aims to limit global warming to 1.5°C compared to the pre-industrial era (1850-1900), there are nearly 6.896 billion dollars in loans, stock issues or bonds that went to oil, gas and coal companies, according to the latest edition of the “Banking on Climate Chaos” report.

In detail, the approximately 60 banks studied last year totaled $705.8 billion in these different forms of financial support, an amount down 9.5% over one year, on a comparable basis.

The American JPMorgan is the leading financial supporter of fossil fuels, with nearly $41 billion last year (+5.4%), ahead of the Japanese Mizuho and MUFG.