Post by jorinaparvin147 on Feb 25, 2024 6:31:22 GMT
According to Eco-Business , US-based JP Morgan Chase has pumped more than Finland's GDP into fossil fuel expansion since the 2015 Paris Agreement, while megabanks in Japan and China have also been "failing miserably." in its response to climate change over the past four years, the report by a coalition of NGOs has demonstrated this. It is as if the penny has not dropped for the financial services industry or that climate change is not only an increasingly disruptive environmental phenomenon, but a serious risk to the stability of the global economy. Financial support for the fossil fuel industry has increased each year since the Paris Agreement came into force in 2015, according to a new report, Banking on Climate Change 2020 , from a collective of environmental groups including Rainforest Action Network, BankTrack and the Indigenous Environmental Network. The Paris Agreement recommended limiting global warming to 2°C above pre-industrial levels to avoid the most devastating effects of climate change. To do so, scientists say greenhouse gas emissions, most of which come from burning fossil fuels, must be reduced.
However, the report found that 35 global banks have not only been maintaining but expanding the fossil fuel sector, with more than US$2.7 trillion in investments made since 2015. It is unconscionable for banks to approve new loans and raise capital for companies that are pushing harder to increase carbon emissions. Alison Kirsch, Lead Climate and Energy Researcher, Rainforest Action Network. US-based banks JPMorgan Chase, Wells Fargo, Citi and Bank of America have accounted for 30% of all fossil fuel financing from major global banks since the Paris Agreement. JPMorgan Job Function Email List Chase, which recently announced it will close a fifth of its branches in the United States in response to the Covid-19 coronavirus pandemic, injected US$269 billion, more than Finland's gross domestic product, into the banking sector. fossil fuels over the last four years, especially in the expansion of fossil fuels, Arctic oil and gas, offshore oil and gas and fracking. Oil plant. Banks have financed fossil fuels, even more so after the Paris Agreement In Asia, Tokyo-based Mitsubishi UFJ Financial Group (MUFG) was the region's largest fossil fuel financier and the world's sixth largest financier, investing $119 billion since 2015. counting coal China's megabanks were found to be the world's largest financiers of coal, the single largest driver of greenhouse gas emissions, since the Paris Agreement. China Construction Bank and Bank of China are the biggest bankers in coal mining, pumping US$25 billion into the sector between them.
The Industrial and Commercial Bank of China and the Bank of China were the largest financiers of coal energy globally, with a combined investment of US$42 billion, according to the report. However, financial support for the carbon-intensive fuel is declining globally. Financials for the top 30 coal mining companies fell 6% between 2016 and 2019, while financials for the top 30 coal companies fell by 13%. Although China's banks are a notable exception, the report found that 26 of the 35 banks in the report now have policies that restrict coal financing, which has helped shift the financial sector away from coal. China's big four banks have no climate policies in place. A growing minority of the world's largest banks, now 16, also currently restrict finance to some oil and gas sectors. The report says European banks have the strictest restrictions on fossil fuel lending. France's Crédit Agricole, Royal Bank of Scotland and Italy's Unicredit are said to have the most progressive climate policies.