Is your bank financing climate destruction? Check it out in this important new report, Banking on Climate Chaos 2021.
This year’s report is the most comprehensive analysis on fossil-fuel banking produced to date. It details the fossil-fuel funding and policies of the world’s 60 largest banks, which together have financed fossil fuels with $3.8 trillion since the Paris Agreement was adopted.
The report was published by our dear friends at the Rainforest Action Network, in collaboration with BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance and Sierra Club. It has already been endorsed by more than 300 organizations from 50 countries — including Sunflower Alliance.
Banking on Climate Chaos scores banks’ fossil fuel policies and analyzes the recent wave of bank-financed emissions commitments. It explains that commitments to reach “net zero” greenhouse gas emissions — while a welcome admission that banks are major culprits — are no substitute for immediate steps to phase out financing of fossil fuels. It also points to the dangers of “net zero” schemes that violate human rights and Indigenous rights.
The report highlights case studies around the world where banks’ fossil fuel financing harms communities on the ground, from the Line 3 tar sands pipeline in Minnesota, to the EMBA Hunutlu coal plant in Turkey.
At bankingonclimatechaos.org you can download the report, interact with the data, read the case studies, and take action.