The world’s biggest 60 banks have provided $3.8tn of financing for fossil fuel companies since the Paris climate deal in 2015, according to a report by a coalition of NGOs. Despite the Covid-19 pandemic cutting energy use, overall funding remains on an upward trend and the finance provided in 2020 was higher than in 2016 or 2017.
US and Canadian banks make up 13 of the 60 banks included in the study, but account for almost half of global fossil fuel financing over the last five years, with JPMorgan Chase providing more finance than any other bank. UK bank Barclays provided the most fossil fuel financing among all European banks and French bank BNP Paribas was the biggest in the EU.
A separate report last Thursday from the International Energy Agency and Imperial College London found that renewable energy investments have seen a 367% greater rate of return than fossil fuel investments since 2010.