Released today, the 14th annual Banking on Climate Chaos report is the most comprehensive global analysis on fossil fuel banking. Endorsed by 624 organizations from 75 countries, it reveals the truth of banks’ commitments to the climate by examining their financing of the fossil fuel industry. In the seven years since the Paris Agreement was adopted, the world’s 60 largest private banks financed fossil fuels with USD $5.5 trillion. The report lays bare the fact that even as fossil fuel companies made $4 trillion in profits in 2022, banks still provided $673 billion in financing. The report includes detailed maps of expansion projects in the US Gulf Coast and the Philippines. It also features case studies of climate leaders in Myanmar and the Philippines who are resisting the effect of fossil fuel expansion. This report adds up financing (lending and underwriting of debt and equity issuances) from the world’s 60 biggest banks for the fossil fuel sector as a whole, as well as for top expanders of the fossil fuel industry and top companies in specific sectors.
Authors
Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, Urgewald
- Published in
- United States of America
