Study: global banks 'failing miserably' on climate crisis by funneling trillions into fossil fuels

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.

JP Morgan Chase, the US banks Wells
 Fargo, Citi and Bank of America
dominate financing for fossil fuels,
accounting for nearly a third of the £2.2tn.

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.

Read the story from The Guardian by Patrick Greenfield and Kalyeena Makortoff -  “Study: global banks 'failing miserably' on climate crisis by funneling trillions into fossil fuels.”