Big banks haven't quit fossil fuel, with USD 4trn since Paris

Since the Paris Agreement of 2015, the industry generated more than USD 17bn of fees from facilitating almost USD 4trn of fossil-fuel financing, helping feed carbon emissions that, at the current pace, mean temperatures will rise well above the 1.5 degrees Celsius identified as critical to avert irreversible damage.

Photo: Jacob Ford/AP/Ritzau Scanpix

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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