Top investment banks provide billions to expand fossil fuel industry
Posted by The Editor on October 13, 2019 7:00 am
Tags: Bank of America, Banking, Banks and building societies, Barclays, Commodities, Energy industry, Fossil fuels, Fracking, Gas, JP Morgan, Oil, Oil and gas companies, Tar sands, Wells Fargo
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Exclusive: analysis reveals lenders provided $700bn to expand sector since Paris climate pact
The world’s largest investment banks have provided more than $700bn of financing for the fossil fuel companies most aggressively expanding in new coal, oil and gas projects since the Paris climate change agreement, figures show.
The financing has been led by the Wall Street giant JPMorgan Chase, which has provided $75bn (£61bn) to companies expanding in sectors such as fracking and Arctic oil and gas exploration, according to the analysis.