Banks Funding the Climate Crisis

Green American, tell big banks to fund people and planet, not climate chaos! 

This spring, the Intergovernmental Panel on Climate Change issued a “final warning” that the world must stop burning fossil fuels if we hope to hold global warming to no more than 1.5°C, the level scientists say is required to prevent runaway and irreversible climate catastrophe.  

Every nation committed to this goal in the 2015 Paris Climate Agreement -- yet since then, the world’s 60 largest banks have plowed $5.5 trillion into fossil-fuel financing, including expansion projects, tar sands oil, Arctic and Amazon oil and gas, offshore drilling, fracking, liquified natural gas, and coal mining, according to the 2023 Banking on Climate Chaos report

Topping this list of banks are the Big 4 -- JPMorgan Chase, Citi, Wells Fargo, and Bank of America – which together account for $1.37 trillion, or 25%, of all fossil-fuel financing worldwide since 2015. 

This has to stop. Please join me in telling the Big 4 banks to fund people and planet, not climate chaos. 

These banks are propping up corporations like ExxonMobil, Saudi Aramco, Chevron, BP, Shell, and ConocoPhillips – which is driving the disastrous Willow oil-drilling project in the Arctic – even as the fossil-fuel industry made a record $4 trillion in profits in 2022 due to high energy prices from the war in Ukraine.

Instead of funding climate chaos, big banks need to invest in an equitable and sustainable economy. Please tell the Big 4 banks to:

  • End all finance for fossil fuel expansion immediately. 

  • Set emissions reduction targets for 2025 and 2030, with zero emissions by 2050 at the latest, based on absolute emissions reductions, not carbon offsets. 

  • Require all fossil fuel clients to adopt robust transition plans aligned with a 1.5°C pathway. 

  • Protect human rights and Indigenous People’s rights, including Free, Prior, and Informed consent. 

  • Scale up financing for a just and fair transition to local and distributed clean energy. 

Learn more about the Banking on Climate Chaos report here. 

For a green economy,

Cathy Cowan Becker

Cathy Cowan Becker
Responsible Finance Campaign Director Green America


P.S. Your support means we can do even more to protect the future for people and the planet. Please contribute today.

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