Banks still continue to provide significant funding to fossil energy projects, despite concerns about the impact of greenhouse gas emissions on the climate.
According to the Bloomberg news agency calculations, an amount of 459 billion dollars in financing was arranged by banks this year for energy from oil, gas, and coal.
According to Bloomberg, since the Paris climate agreement in 2015, there has been approximately $4 trillion in funding. The main player in fossil financing is the major US bank, JPMorgan Chase.
American industry peers Citigroup, and Wells Fargo also provides a lot of fossil financing, as does Deutsche Bank. The pressure on banks from investors and climate activists to stop financing new coal-fired power stations and oil and gas projects are increasing.
Incidentally, banks are also very active in financing sustainable energy projects, such as wind and solar energy. According to Bloomberg, banks provided $463 billion in so-called green financing this year.
Financing the banking sector for the energy industry is one of the topics that will be discussed at the climate conference in Glasgow, Scotland, which starts soon.