Top investment banks provide billions to expand fossil fuel industry
The world’s largest investment banks have provided more than $700bn
of financing for the fossil fuel companies most aggressively expanding
in new coal, oil and gas projects since the Paris climate change
agreement, figures show.
of financing for the fossil fuel companies most aggressively expanding
in new coal, oil and gas projects since the Paris climate change
agreement, figures show.
The financing has been led by the Wall Street giant JPMorgan Chase,
which has provided $75bn (£61bn) to companies expanding in sectors such
as fracking and Arctic oil and gas exploration, according to the
analysis.
The New York bank is one of 33 powerful financial institutions to
have provided an estimated total of $1.9tn to the fossil fuel sector
between 2016 and 2018.