Fossil fuel projects require money — and that money is coming from the cosmos ’s top private banks , includingmany with net - zero clime pledges . That ’s according toa new reportfrom the Rainforest Action internet , which bet at the major financial institutions fund oil and gas base since the 2015 Paris Agreement .
“ Banks and financial instauration need to be view as accountable for their role in financing off-key solutions that make serious life sentence - threatening saturation and threat to Indigenous peoples worldwide , ” said Tom B.K. Goldtooth , executive director of the Indigenous Environmental web , in apress release .
According to the report , fogey fuel companies reaped $ 4 trillion in winnings in 2022 , with 60 of the earth ’s top bank put up $ 673 billion in financing . The top fossil fuel - lending bank of 2022 was Royal Bank of Canada , or RBC , which allegedly spent over $ 42 billion dollars funding fogey fuel labor . These include $ 4.8 billion related totar sandsand $ 7.4 billion connected tofracking . Also in 2022,RBC released a statementin which it promised to “ adjust our lending activity with net income - zero by 2050 , ” and “ aid our client transition to net - zero . ”
Photo: Michael M. Santiago (Getty Images)
record Next : bank assure climate activity . Where is it ?
RBC was not the only major financial institution to make mood hope while still lend zillion to fogy fuel company . According to the report,49 of the 60 money box — including JPMorgan Chase , Citigroup , Wells Fargo , Bank of America , Morgan Stanley , and Goldman Sachs — had last - zero allegiance . JPMorgan Chase remains the mankind ’s top funder of fossil fuel project since the Paris Agreement , followed by Citi , Wells Fargo and Bank of America .
In reply to the report , JPMorgan Chasetold the Financial Timesthat it provided financing “ across the energy sector , ” including “ energy security system . ”
Gerry Arances , executive director at theCenter for Energy , Ecology , and Development , tell the Rainforest Action internet that banks fund fossil fuel projects are putting vulnerable habitats at risk , both as a result of increased atomic number 6 emissions and hazards assort with oil and gas base . “ It ’s a crude reminder of the destruction that coal , gas , crude , and all other fossil fuel are capable of wreaking upon the environment and masses , ” he said , “ and banks like JPMorgan Chase and investor like BlackRock are bankrolling that demolition . ”
The paper also listed out which bank were connected to specific fossil fuel projects , such as theCoastal GasLink fracked gas pipeline . The project , which is being built inWet’suwet’en territoryin British Columbia , is just one of many funded by RBC that proponent say jeopardize Indigenous health and sovereignty .
“ publically , RBC pass gazillion on greenwashed advertising , claiming funding for Indigenous right , ” say Richard Brooks , climate finance directorat Stand.earth told the Rainforest Action internet . “ In reality , the cant is polluting our communities , bankroll climate bedlam and Indigenous right intrusion to the tune of billions . ”
Even if these banks were able to meet their last - zero pledges , activists like Goldtooth say it would n’t be enough : truthful mood activity requires keep fossil fuel in the ground , not offsetting them . “ As Indigenous peoples , we are on the front line of climate modification and continue to be targeted by carbon copy brokers who need to enfold endemic lands and territory and justify more finance to the dodo fuel industries , ” he said .
This article originally appeared inGristathttps://grist.org/energy/banks-with-net-zero-pledges-are-among-the-top-funders-of-fossil-fuels/. Grist is a non-profit-making , sovereign medium organization dedicated to telling stories of climate solution and a just future . Learn more atGrist.org
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