As executives from JPMorgan Chase & Co., Citigroup Inc., Deutsche Bank AG and other lenders prepare for the most important UN climate summit in six years, their companies continue to help provide almost as much money for fossil fuels as for green projects.
Scientists have made clear that time is running out to prevent a climate catastrophe. Yet this year alone, banks have organized USD 459bn of bonds and loans for the oil, gas and coal sectors, according to data compiled by Bloomberg. At the same time, they arranged USD 463bn worth of green bonds and loans, with fees more or less evenly split.
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