SOPHIE KIDERLIN: The biggest banks have poured $3.8 trillion into fossil fuels since 2016. J P Morgan tops the list of contributors

By Dilip -

NB: Anyone who still needs evidence that capitalism is the structural form of nihilism may reflect on these facts: DS    Banks funneled more money into fossil fuels in 2020 than in 2016, according to a report by the Rainforest Action Network. JPMorgan, Citi and Wells Fargo were the biggest financiers from 2016 to 2020. Funding of the companies most responsible for fossil fuel use and production increased by over 10% in 2020.

The world's 60 largest banks have poured $3.8 trillion into fossil fuels since 2016, despite many of them committing to the Paris Agreement on fighting climate change in 2015 or following net-zero climate strategies, according to a report published on Wednesday by a group of environmental action groups. The 2021 Fossil Fuel Finance Report, titled 'Banking on Climate Chaos' and authored by various organizations including Greenpeace and Friends of the Earth, showed banks in fact invested more in fossil fuels in 2020 than 2016.

Overall, funding for the oil and gas industry fell by 9% during the pandemic, but the top 60 banks still upped their financing of the industry by more than 10% last year, the report showed…

https://www.businessinsider.in/stock-market/news/the-biggest-banks-have-poured-3-8-trillion-into-fossil-fuels-since-2016-jpmorgan-tops-the-list-of-contributors-report-says/articleshow/81675585.cms

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