Top Posts
Death toll from Mokwa flood rises to 153
Scientists say nearly 40% of the world’s glaciers...
Nigerian government seeks alignment of NDC climate action...
German court dismisses climate case against RWE
WHO Climate Change action plan approved
Report: World likely to breach 1.5°C limit in...
At Bonn climate talks, Brazil demands early deals...
Researchers warn Africa could face 113 million climate...
LAPO MfB launches tree-planting initiative to fight climate...
Stiell says new NDCs are about growth, antidote...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

Report reveals banks have given almost $7tn to fossil fuel firms since Paris deal

by admineconai May 13, 2024
written by admineconai May 13, 2024
472

Latest research suggests that the world’s big banks have handed nearly $7tn (£5.6tn) in funding to the fossil fuel industry since the Paris agreement to limit carbon emissions.

In 2016, after talks in Paris, 196 countries signed an agreement to limit global heating as a result of carbon emissions to at most 2C above preindustrial levels, with an ideal limit of 1.5C to prevent the worst impacts of a drastically changed climate.

Many countries are reported to have since promised to reduce carbon emissions, but the latest research shows private interests continued to funnel money to oil, gas and coal companies, which have used it to expand their operations.

According to the results of a survey published last week – an outcome expected to lead to devastating consequences for civilisation, eight in 10 of the world’s most eminent climate scientists now foresee at least 2.5C of global heating.

Read also: Flash floods kill 300 in Afghanistanas

Researchers for the banking on climate chaos report analysed the world’s top 60 banks’ underwriting and lending to more than 4,200 fossil fuel firms and companies causing the degradation of the Amazon and Arctic. Those banks, they found, gave $6.9tn in financing to oil, coal and gas companies, nearly half of which – $3.3tn – went towards fossil fuel expansion.

Even in 2023, two years after many large banks vowed to work towards lowering emissions as part of the Net Zero Banking Alliance, bank finance for fossil fuel companies was $705bn, with $347bn going towards expansion, the report says.

The report found that US banks were the biggest financiers of the fossil fuel industry, contributing 30% of the total $705bn provided in 2023. JP Morgan Chase gave the most of any bank in the world, providing $40.8bn to fossil fuel companies in 2023, while Bank of America came in third. The world’s second biggest financier of fossil fuels was the Japanese bank Mizuho, which provided $37.1bn.

London-based Barclays was Europe’s biggest fossil fuel financier, with $24.2bn, followed by Spain’s Santander at $14.5bn and Germany’s Deutsche Bank with $13.4bn. Overall, European banks stumped up just over a quarter of the total fossil fuel financing in 2023, according to the report.

Story was adapted from the Guardian.

$7tnBankFirmsFossil fuelParis deal
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Flash floods kill 300 in Afghanistanas
next post
Two Just Stop Oil protesters attack Magna Carta’s glass case

Related Posts

Scientists say nearly 40% of the world’s glaciers...

June 3, 2025

German court dismisses climate case against RWE

May 28, 2025

WHO Climate Change action plan approved

May 28, 2025

Report: World likely to breach 1.5°C limit in...

May 28, 2025

At Bonn climate talks, Brazil demands early deals...

May 23, 2025

Guterres raises alarm over rapid Himalayan glacier melt

May 17, 2025

Study shows two-thirds of global warming caused by...

May 8, 2025

Weather expert warns climate change to hit agriculture...

May 5, 2025

Trump dismisses authors of major climate report

April 30, 2025

New UN report shows Indigenous Peoples sidelined in...

April 25, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World