The Bank Forward Challenge
Banks are major funders of climate change.
That’s bad for business, and for clients. Despite the known risks of climate change to the economy and humanity, many banks are accelerating their fossil fuel funding. Since 2016, the top 60 banks have provided $3.8 trillion to the fossil fuel industry. The largest provider of fossil fuel finance is JPMorgan Chase, followed by Wells Fargo, Citibank, and Bank of America.
Absent sufficient government action to mandate alignment with the globally-agreed upon Paris Goals, limiting the availability of financing for fossil fuel companies is the fastest way to improve the current trajectory.
Doing so would:
- Make new carbon intensive projects harder to develop
- Increase financing for clean energy alternatives
- Signal to markets that polluting projects are risky investments
- Embolden policymakers to pass climate legislation
Banks need to hear from their clients that climate action matters.
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