Finance
Big Banks Haven't Quit Fossil Fuel, With $4 Trillion Since Paris
JPMorgan, Citigroup and Bank of America have earned the most fees from the oil, gas and coal industries.
This article is for subscribers only.
As executives from JPMorgan Chase & Co., Citigroup Inc., Deutsche Bank AG and other lenders prepare for the most important UN climate summit in six years, their companies continue to help provide almost as much money for fossil fuels as for green projects.
Scientists have made clear that time is running out to prevent a climate catastrophe. Yet this year alone, banks have organized $459 billion of bonds and loans for the oil, gas and coal sectors, according to data compiled by Bloomberg. At the same time, they arranged $463 billion worth of green bonds and loans, with fees more or less evenly split.