$5.5 trillion financing for fossil fuels since the Paris Agreement
According to the report titled “Financing Climate Chaos”, which was published for the 14th time this year by the research organization Oil Change International together with international non-governmental organizations and approved by 550 institutions from 70 countries, the profit of fossil fuel companies reached 4 trillion dollars last year.
The financing provided by 60 international private banks to the fossil fuel sector in 2022 was 673 billion dollars. This figure is down from $800.9 billion in 2021.
In the seven years since the signing of the Paris Agreement, which aims to reduce fossil fuel use and emissions from fossil fuels to net zero emissions by 2050, within the scope of combating climate change, the fossil fuel financing of these banks has reached 5.5 trillion dollars.
Canadian RBC bank surpassed US banks for the first time since 2019 to become the private bank providing the most financing to fossil fuel companies with $42.1 billion.
This was followed by US JPMorgan Chase with $39.2 billion in fossil fuel financing. US banks accounted for 28 percent of fossil fuel financing last year.
On the other hand, in financing provided to fossil fuels since 2016, JPMorgan Chase ranked first with $434 billion, Citi was second with $333 billion, Wells Fargo was third with $318 billion, and Bank of America was fourth with $281 billion.