Global Banks, Led by JPMorgan Chase, Invested $1.9 Trillion in Fossil Fuels Since Paris Climate Pact

A report published on March 20, 2019 names the banks that have played the biggest recent role in funding fossil fuel projects, finding that since 2016, immediately following the Paris Agreement’s adoption, 33 global banks have poured $1.9 trillion into financing climate-changing projects worldwide.

One inescapable finding of this report is that JPMorgan Chase is very clearly the world’s worst banker of climate change,” the report, titled “Banking on Climate Change,” found. “The race was not even close: the $196 billion the bank poured into fossil fuels between 2016 and 2018 is nearly a third higher than the second-worst bank, Wells Fargo.”

“A half-dozen environmental groups — Rainforest Action Network, BankTrack, Sierra Club, Oil Change International, Indigenous Environmental Network, and Honor the Earth — authored the 2019 report, which was endorsed by 160 organizations worldwide. It tracked the financing for 1,800 companies involved in extracting, transporting, burning, or storing fossil fuels or fossil-generated electricity and examined the roles played by banks worldwide.” Read more . . .

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