Share this on social media
Study: global banks 'failing miserably' on climate crisis by funneling trillions into fossil fuels
(The Guardian, 18 Mar 2020) Analysis of 35 leading investment banks shows financing of more than $2.66tn for fossil fuel industries since the Paris agreement
The world’s largest investment banks have funnelled more than £2.2tn ($2.66tn) into fossil fuels since the Paris agreement, new figures show, prompting warnings they are failing to respond to the climate crisis.
The US bank JP Morgan Chase, whose economists warned that the climate crisis threatens the survival of humanity last month, has been the largest financier of fossil fuels in the four years since the agreement, providing over £220bn of financial services to extract oil, gas and coal.
Analysis of the 35 leading global investment banks, by an alliance of US-based environmental groups, said that financing for the companies most aggressively expanding in new fossil fuel extraction since the Paris agreement has surged by nearly 40% in the last year.
External link
The Guardian, 18 Mar 2020: Study: global banks 'failing miserably' on climate crisis by funneling trillions into fossil fuelsMore Related News
Paris Agreement
4 Apr 2024: Just 57 companies linked to 80% of greenhouse gas emissions since 2016
2 Apr 2024: Surge of new US-led oil and gas activity threatens to wreck Paris climate goals
14 Mar 2024: Despite Putin promises, Russia’s emissions keep rising
12 Mar 2024: No big North Sea fossil fuel country has plan to stop drilling in time for 1.5C goal
1 Mar 2024: Germany to adopt 2060 target for net-negative greenhouse gas emissions
23 Feb 2024: Growth in CO2 emissions leaves China likely to miss climate targets
8 Feb 2024: Australia’s climate has warmed by 1.5C since 1910, BoM temperature records show
24 Oct 2023: To tackle the climate crisis, the Green Climate Fund needs serious money
24 Oct 2023: Sunak faces further pressure over net zero U-turn after IEA warning
29 Sep 2023: New IEA net zero report leaves big polluters less room to hide
28 Sep 2023: Limiting global warming to 1.5°C has “factually failed” – German scientists
15 Sep 2023: Paris climate goals require immediate oil demand downturn: Study
23 Jun 2023: Nearly half of national climate pledges (NDCs) intend to keep extracting fossil fuels
12 Jun 2023: Is the world making real progress towards net zero emissions?
25 May 2023: Half of developing countries still struggle to report greenhouse gas emissions
14 Mar 2023: 1.5C target not achievable under current conditions, says COP27 host
1 Dec 2022: Giving up on 1.5C climate target would be gift to carbon boosters, says IEA head
27 Oct 2022: Climate pledges still ‘nowhere near’ enough for 1.5C: UN
6 Oct 2022: Climate aid target ‘will be met in 2023’, EU finance ministers say
6 Oct 2022: What the US climate bill means for climate diplomacy and geopolitics
12 Jul 2022: Soaring inflation hinders Egypt’s climate ambition in updated plan
8 Oct 2021: Turkey ratifies the Paris Agreement after approving a 2053 net zero goal
27 Sep 2021: Zimbabwe bolsters emissions targets ahead of climate summit
23 Sep 2021: China pledge to stop funding coal projects ‘buys time for emissions target’
17 Sep 2021: Just one country on course to meet 1.5°C target, new research warns
14 Sep 2021: Forget plans to lower emissions by 2050 – this is deadly procrastination
9 Sep 2021: To close the climate ambition gap, we must look beyond national targets
26 Aug 2021: Denmark, Costa Rica seek alliance to speed up the end of oil and gas
30 Jul 2021: Why the Paris Climate Agreement might be doomed to fail
22 Jul 2021: Merkel: Germany has not done enough to hit Paris climate targets
11 Jun 2021: The case for an EU grand climate strategy
8 Jun 2021: Where is Sub-Saharan Africa in the race to net-zero?
31 May 2021: Paris accord rules must be wrapped up this year, says UN climate chief
28 May 2021: Britain has promised net zero – but it’s on track to achieve absolutely nothing
24 May 2021: G7 commits to end unabated coal finance in 2021 to ‘keep 1.5C within reach
18 May 2021: Joe Biden’s 50% emissions goal is ambitious. But it’s still not enough
18 May 2021: IEA: Renewables should overtake coal ‘within five years’ to secure 1.5C goal
10 May 2021: 2°C more heat may mean catastrophic sea level rise
6 May 2021: China carbon emissions exceeded OECD total in 2019 -research
4 May 2021: UK banks’ support for coal industry has risen since 2015 Paris climate pact
3 May 2021: Australia's Victoria state commits to halving emissions by 2030
27 Apr 2021: Carbon emissions are more than countries are reporting - study
20 Apr 2021: Canada sets new 2030 carbon reduction target, to issue first green bond
16 Apr 2021: Executives call for deep emission cuts to combat climate change
15 Apr 2021: How finance from rich nations could drive 40% of new coal plant emissions
15 Apr 2021: EU commissioner blasts Brazil climate pledge for not going far enough
15 Apr 2021: China ‘must shut 600 coal-fired plants’ to hit climate target
29 Mar 2021: Ireland’s government agrees on climate bill to set 2050 net zero goal in law
22 Mar 2021: Fossil fuel non-proliferation treaty – a call to disarm
22 Mar 2021: World's top emitters a long way from aligning with climate goals
18 Mar 2021: Lebanon increases climate goal despite political and economic turmoil
16 Mar 2021: Renewable energy growth must speed up to meet Paris goals, agency says
12 Mar 2021: New US vehicles must be electric by 2030 to meet climate goals – report
11 Mar 2021: In swing through Europe, John Kerry aims to boost climate action
5 Mar 2021: Global oil companies have committed to 'net zero' emissions. It's a sham
2 Mar 2021: Fossil fuel emissions in danger of surpassing pre-Covid levels
1 Mar 2021: Global action Is ‘very far’ from what’s needed to avert climate chaos
22 Feb 2021: As US formally rejoins the Paris Agreement, eyes turn to 2030 emissions goal
18 Feb 2021: EU to be tougher in trade talks, include climate change goals in deals
15 Feb 2021: Russia's Lavrov holds climate talks with U.S. envoy Kerry amid sanctions concerns
5 Feb 2021: EU climate neutrality by 2050 is not Paris-compatible
26 Jan 2021: John Kerry promises ‘significantly’ more climate finance at adaptation summit
21 Jan 2021: Biden's return to Paris pact just a first step for U.S. climate action
21 Jan 2021: ‘Gas is over’, EU bank chief says
18 Jan 2021: EU should set a joint and ambitious standard for climate finance
18 Jan 2021: As floods hit Borneo, Indonesia urged to boost climate action under Paris accord
14 Jan 2021: US greenhouse gas emissions fell 10% in 2020 as Covid curbed travel
12 Jan 2021: Guest post: How to ‘fairly’ share emissions from goods traded around the world
12 Jan 2021: Positive ‘tipping points’ provide fresh hope for climate, study says
21 Dec 2020: Shell faces Dutch court in case testing how Paris climate goals apply to businesses
14 Dec 2020: US to hold world climate summit early next year and seek to rejoin Paris accord
14 Dec 2020: 10 myths about net zero targets and carbon offsetting, busted
14 Dec 2020: Countries signal greater climate ambition but ‘step change’ needed on road to Glasgow
14 Dec 2020: Pope commits Vatican to net zero carbon emissions by 2050
14 Dec 2020: UN climate summit registers new carbon-cutting pledges
10 Dec 2020: ANALYSIS-Despite slow start, Paris climate accord 'alive and kicking' on fifth birthday
10 Dec 2020: Rich nations break promise, little climate finance for South Asia
10 Dec 2020: Poor nations call for more financial support to cope with climate impacts
10 Dec 2020: The climate crisis should be at the heart of the global Covid recovery
10 Dec 2020: Brazil's updated climate plan seen lacking credibility as forests shrink
8 Dec 2020: The Paris agreement five years on: is it strong enough to avert climate catastrophe?
3 Dec 2020: Coal, oil and gas production to blow climate targets despite pandemic dip, report warns
3 Dec 2020: Pressure mounts on Britain to update its UN climate target
26 Nov 2020: EU drafts deal to upgrade 2030 climate change target next month
23 Nov 2020: Canada sets out to enshrine 2050 net zero emissions goal in law
19 Nov 2020: Emissions from industry, farms and forests endanger Paris climate goals
19 Nov 2020: G20 countries projected to miss 1.5°C Paris target by wide margin: report
16 Nov 2020: Russia resists tougher climate targets in dash for Arctic gas
16 Nov 2020: Investors tell European firms to reveal 'missing' climate costs in their accounts
13 Nov 2020: Almost half of thermal coal firms set to defy climate pledge – report
13 Nov 2020: EIB approves €1 trillion green investment plan to become ‘climate bank’
13 Nov 2020: Macron hails chance to "make our planet great again" after Biden win
9 Nov 2020: Europeans express relief, hope for climate cooperation after Biden win
9 Nov 2020: 9 Things the Biden Administration Could Do Quickly on the Environment
9 Nov 2020: Europe ready to restart transatlantic climate dialogue after Trump ‘parenthesis’
5 Nov 2020: EXPERT VIEWS: US exit from Paris deal a blow - but drive for climate action rolls on
5 Nov 2020: EXCLUSIVE-European Development Finance group to exit fossil fuel investments by 2030
5 Nov 2020: U.S. formally exits global climate pact amid election uncertainty
5 Nov 2020: Global investor group urges United States to rejoin Paris climate accord
5 Nov 2020: Emissions from energy sector likely to rebound from COVID-19, Capgemini warns
30 Oct 2020: UK negotiator: Countries must resolve carbon market dispute to step up ambition
26 Oct 2020: Climate at a crossroads as Trump and Biden point in different directions
22 Oct 2020: Peru and Switzerland sign ‘world first’ carbon offset deal under Paris Agreement
22 Oct 2020: Japan to pledge to cut emissions to zero by 2050 - Nikkei
22 Oct 2020: Ahead of U.S. election, Europe eyes an ally in climate change fight
19 Oct 2020: China hits out at US climate record, in pointed message ahead of election
19 Oct 2020: Researchers unveil roadmap for a carbon neutral China by 2060
19 Oct 2020: High stakes for Earth’s climate future in US vote
16 Oct 2020: Tenth of pandemic stimulus spend could help world reach climate goals – study
12 Oct 2020: UK Supreme Court hears climate case on Heathrow airport expansion
12 Oct 2020: Leaked EU-Mercosur trade deal lacks teeth on climate, activists say
12 Oct 2020: Earth may temporarily pass dangerous 1.5℃ warming limit by 2024, major new report says
12 Oct 2020: A Biden victory could spur global climate action, but the US has much to prove
8 Oct 2020: Major fossil fuel firms set to miss 2°C climate target, research shows
8 Oct 2020: France’s ‘imported emissions’ are 70% higher than domestic CO2 output, report finds
5 Oct 2020: To reach net zero emissions mid-century, start today
1 Oct 2020: Despite socialist scepticism, Cuba shows interest in carbon trading
1 Oct 2020: Fate of UN-led carbon market to be decided behind closed doors
28 Sep 2020: UN, Britain plan online climate summit in December
28 Sep 2020: China's carbon pledge will require complete inversion of existing system
24 Sep 2020: China pledge and Biden win could move climate goals into view, scientists say
24 Sep 2020: UK, UN bill Paris Agreement anniversary as key moment for raising climate ambition
22 Sep 2020: EU Commission defends 2030 climate target against ‘accounting trick’ critique
17 Sep 2020: South Africa aims to reach net zero emissions in 2050 – while still burning coal
17 Sep 2020: Which countries have a net zero carbon goal?
8 Sep 2020: Campaigners start legal challenge to UK's $1bn grant to Mozambique gas project
20 Aug 2020: Net Zero: How we stop causing climate change
3 Jul 2020: Jamaica becomes first Caribbean nation to submit tougher climate plan to UN
25 Jun 2020: Major energy companies call on Coalition to set target of net zero emissions by 2050
25 Jun 2020: UK risks missing UN climate deadline, in headache for hosts of key summit
15 Jun 2020: Green energy revolution powered by global South
15 Jun 2020: Europe’s oil refiners outline path to climate neutrality by 2050
8 Jun 2020: Delay to climate talks deepens uncertainty over future of carbon markets
8 Jun 2020: Participation at Bonn climate talks could be limited to prevent coronavirus outbreak
4 Jun 2020: Oil, gas, coal could lose two-thirds of value by 2070, says study
1 Jun 2020: Covid-hit UK begins 18-month preparations for UN climate summit
1 Jun 2020: Four more years of Donald Trump could ‘delay global emissions cuts by 10 years’
1 Jun 2020: Investors, scientists urge IEA head to take bolder climate stance
29 May 2020: U.N. confirms year-long delay for crucial climate summit
28 May 2020: Next UN climate summit to be delayed to November 2021, UK hosts propose
25 May 2020: Bust-up over climate weighs on EU-UK talks, risks trade rifts
21 May 2020: Rwanda submits tougher emission-cutting plan to the UN
19 May 2020: Business giants call for science-based green economic recovery
12 May 2020: How is the Covid-19 energy slump affecting the weather?
4 May 2020: Rich nations must make pandemic recovery plans green - global investors
27 Apr 2020: France calls for minimum carbon price to counter oil crash
23 Apr 2020: New Zealand sticks to 2030 climate target while waiting for 1.5C advice
6 Apr 2020: Japan’s failure to set tougher climate target disappoints global community
6 Apr 2020: Japan’s woeful climate plan amounts to science denial
30 Mar 2020: Barclays sets net zero carbon target for 2050 after investor pressure
30 Mar 2020: Japan sticks to 2030 climate goals, accused of a ‘disappointing’ lack of ambition
19 Mar 2020: Don't let coronavirus stall climate action, warns architect of Paris deal
19 Mar 2020: Coronavirus slows developing nations’ plans to step up climate action in 2020
6 Mar 2020: Australia’s carbon accounting plan for Paris goals criticised as ‘legally baseless’
6 Mar 2020: Legal gaps and US election could delay climate ambition before Glasgow summit
25 Feb 2020: Ex-Facebook exec starts group to help employees push companies on climate
16 Dec 2019: Europe ‘disappointed’ with COP25’s mediocre outcome
21 Nov 2019: Offshore wind carry EU to meeting Paris goals, says IEA
14 Nov 2019: Do more now or risk climate catastrophe, IEA warns
7 Nov 2019: Most countries' climate plans 'totally inadequate' – experts
7 Nov 2019: US Paris Agreement withdrawal prompts new thinking on how to exert pressure
29 Aug 2019: Switzerland pledges climate neutrality by 2050
11 Dec 2018: The US, still in the Paris Agreement, is trying to decide its future
