$5.5 trillion in funding for fossil fuels despite the Paris Agreement

The financing provided by international banks to fossil fuels in 2022 was $673 billion last year, and $5.5 trillion in the last seven years after the signing of the Paris Agreement.

According to the report titled “Climate Chaos Financing”, which was published for the 14th time this year by the research organization Oil Change International together with international non-governmental organizations and endorsed by 550 institutions from 70 countries, the benefit of fossil fuel companies reached $4 trillion last year.

673 BILLION DOLLARS FINANCED IN 2022

Financing provided by 60 international private banks to the fossil fuel sector in 2022 was $673 billion. This figure fell from $800.9 billion in 2021.

In the seven years since the signing of the Paris Agreement, which aims to reduce the use of fossil fuels and fossil fuel emissions to net zero emissions by 2050, in the area of ​​the fight against climate change, the financing of fossil fuels from these banks has reached $5.5 trillion

BANKS PROVIDING MOST FINANCING

Canadian bank RBC surpassed US banks for the first time since 2019 to become the private bank providing the most financing to fossil fuel companies at $42.1 billion. JPMorgan Chase of the US followed with $39.2 billion in fossil fuel financing. US banks accounted for 28 percent of fossil fuel financing last year.

On the other hand, in financing provided to fossil fuels since 2016, JPMorgan Chase ranked first with $434 billion, Citi second with $333 billion, Wells Fargo third with $318 billion and Bank of America fourth with $281 billion. (AA)