'Fossil fuel companies are the ones dousing the planet in oil, gas, and coal, but big banks hold the matches,' said April Merleaux of RAN. 'Without financing, fossil fuels won't burn.'
In 2022 alone, the world's biggest private-sector banks still financed coal, oil, and gas to the tune of $673 billion, the report notes, even as the fossil fuel industrya record-high $4 trillion in profits amid Russia's invasion of Ukraine, which sent energy prices soaring. Notably, the banks poured $150 billion into the 100 corporations doing the most to ramp up fossil fuel production worldwide, including TC Energy, TotalEnergies, Venture Global, ConocoPhillips, and Saudi Aramco.
"Banks' 'net-zero' commitments aren't worth the paper they're printed on—they're simply cheap PR cover for pouring fuel on the climate crisis." Those four banks accounted for a combined 28% of fossil fuel financing identified in 2022 and were still among the year's top five worst actors. However, for the first time, a bank other than Chase topped the annual list. Royal Bank of Canada funneled $42.1 billion into tar sands oil pipeline giant Enbridge and other clients in 2022. Chase, Wells Fargo, Bank of America, and Citi weren't far behind, respectively providing $39.2 billion, $38.8 billion, $36.9 billion, and $33.
"Fossil fuel companies are the ones dousing the planet in oil, gas, and coal, but big banks hold the matches," said Merleaux."Without financing, fossil fuels won't burn."
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