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Report

18 Mar 2020

Author:
Rainforest Action Network, Banktrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance & Sierra Club

Banking on Climate Change: Fossil Fuel Finance Report 2020

Financial companies are increasingly being recognized — by their clients, shareholders, regulators, and the general public — as climate actors, with a responsibility to mitigate their climate impact...This report adds up nancing from 35 private-sector banks to the fossil fuel industry, summing their leading roles in lending and underwriting of debt and equity issuances. These 35 banks from Canada, China, Europe, Japan, and the U.S. have together funneled USD $2.7 trillion into fossil fuels in the four years since the Paris Agreement was adopted (2016-2019). The biggest fossil bank over that time was JPMorgan Chase, followed by its U.S. peers: Wells Fargo, Citi, and Bank of America. Over those four years, RBC was the biggest fossil bank in Canada, MUFG in Japan, Barclays in Europe, and Bank of China in China...Banking on Climate Change 2020 also assesses bank policy and practice around nancing in certain key fossil fuel subsectors, with league tables and policy assessments...This report maps out case studies where bank nancing for fossil fuels has real impact on communities — from a planned coal mine expansion in Poland, to fracking in Argentina, to LNG terminals proposed for South Texas. Short essays throughout highlight additional key topics, such as the need for banks to measure and phase out their climate impact (not just risk) and what Paris alignment means for banks. Traditional Indigenous knowledge is presented as an alternative paradigm for a world increasingly beset with climate chaos...

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