The Russian invasion of Ukraine and Joe Biden's ongoing war on fossil fuels are jacking up oil prices, and now left-wing climate change activists are adding to high energy costs by pressuring banks to stop investing in fossil fuels in the name of stopping "Climate change."
The pressure comes in the form of a report titled "Banking on Climate Chaos: Fossil Fuel Finance Report 2022," which seeks to shame the banks into dropping oil, gas, and other fossil fuel energy resources.
Fossil fuel financing from the world's 60 largest banks has reached USD $4.6 trillion in the six years since the adoption of the Paris Agreement, with $742 billion in fossil fuel financing in 2021 alone.
These findings underscore the need for banks to immediately implement policies that end their financing for fossil fuel expansion and begin to zero out their support altogether.
Overall fossil fuel financing remains dominated by four U.S. banks - JPMorgan Chase, Citi, Wells Fargo, and Bank of America - who together account for one quarter of all fossil fuel financing identified over the last six years.
Prohibit all financing for all fossil fuel expansion projects and for all companies expanding fossil fuel extraction and infrastructure along the whole value chain.
Immediately begin zeroing out all financing for fossil fuel extraction, combustion, and infrastructure, on an explicit timeline that is aligned with limiting global warming to 1.5°C, starting with coal mining and coal power, as well as financing for existing projects and companies active in tar sands oil, Arctic oil and gas, offshore oil and gas, fracked oil and gas, and LNG. As part of this process, banks must require all fossil fuel clients to publish plans to zero out fossil fuel activity on a 1.5°C-aligned timeline.
Thursday, March 31, 2022
Climate Change Alarmists Pressure Banks to Drop Fossil Fuel Financing
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