JPMorgan Chase led the pack with more than $141 billion invested between 2016 and 2022, followed by Citi with $119 billion, and Bank of America with $92 billion.
Major banks funneled more than $150 billion in 2022 toward 'carbon bomb' fossil fuel projects that would blow through the world's chances of limiting global heating to 1.5°C above pre-industrial levels. The data, published by The Guardian Tuesday, shows that major banks in the U.S., Europe, and China funded the companies behind these projects with a total of $1.8 trillion between 2016 and 2022, with U.S. banks contributing more than half a trillion of that total.
JPMorgan Chase led the pack with more than $141 billion invested between 2016 and 2022, followed by Citi with $119 billion, Bank of America with $92 billion, the Chinese ICBC with $92.2 billion, and BNP Paribas with $71.9 billion. Last year alone, the banks directly or indirectly funded the projects with around $161 billion. This comes despite greenwashing rhetoric from financial institutions pledging to act on climate.
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