Global banks reduce lending to worst fossil fuel emitters by billions in 2016

  • World’s largest banks lent $87bn to oil, coal and LNG companies in 2016 – a 22% drop from a collective $111bn worth of lending in 2015
  • Banking on Climate Change: Fossil Fuel Finance Report Card 2017, shows the world’s largest banks – including the Commonwealth Bank, Westpac, ANZ, and NAB< lent a collective $87bn to companies involved in the extraction, processing, and burning of ‘extreme fossil fuels’ in 2016
  • Report warns that despite the 22% decline in funding, banks are still funding fossil fuel projects at a rate that will push the world beyond the 1.5 degrees climate change limit determined by the Paris Climate Agreement
  • Report says they have contributed $290bn of direct and indirect financing for extreme fossil fuel projects (oil, coal mining, coal-fired power, LNG), over the last three years, representing new investment ‘in the exact sub-sectors whose expansion is most at odds with reaching climate targets, respecting human rights, and preserving ecosystems’
  • “Meeting the Paris Agreement’s target of staying well under a 2 celsius increase in global temperature requires a complete halt to all financing of new extreme fossil fuel extraction and infrastructure.
  • Two biggest funders of extreme fossil fuels in the last three years have been the bank of China ($22.1bn) and the China Construction Bank ($21bn)
  • The biggest Wall Street funder was JPMorgan CHase ($20bn), which came third

https://www.theguardian.com/environment/2017/jun/21/global-banks-reduce-lending-to-dirtiest-fossil-fuel-companies-by-billions-in-2016

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