Finance and Climate
“Fossil fuel financing from the world’s 60 largest banks has reached USD $5.5 trillion in the seven years since the adoption of the Paris Agreement”, according to the report Banking on Climate Chaos (2022). It was published by a group of environmental and campaigning organisations, and its topics include the commitments of banks to fossil fuel finance, their policies, and fossil fuel expansion and trends. The group’s website lists the twelve banks which have done most to finance fossil fuels globally and data are provided for sixty banks with the sums involved for each year from 2016 to 2022. The policies of the banks are summarised in terms of projects, expansion, and phase-out. The funding data can also be searched for each of the several hundred companies supported. A graphic shows the funding flows from ten key banks to twenty top fossil fuel companies. Data on financing are also given for sectors such as tar sands, Artic oil and gas, fracking, and coal mining. An Oil and Gas Poli