World’s largest private sector banks financed fossil fuels with USD 5.5 trillion, report shows

The “Banking on Climate Chaos 2023” report, endorsed by 600 organizations including the Plataforma CIPÓ, examined the world’s 60 largest private banks and revealed they financed fossil fuels with USD 5.5 trillion since the adoption of the Paris Agreement, with USD 673 billion of this total corresponding to 2022.

The report was published by Oil Change International, BankTrack, Indigenous Environmental Network, Rainforest Action Network, Reclaim Finance, Sierra Club, and urgwald.

Although fossil fuel financing plateaued in 2020, rebounded in 2021, and leveled out again last year, the report highlighted that this was due to unusual geopolitical and economic conditions, rather than shifts in bank policy.

Plataforma CIPÓ
Plataforma CIPÓ
Plataforma CIPÓ is an independent, women-led policy institute focusing on climate, governance, and peacebuilding in Latin America and the Caribbean and, more generally, the Global South.



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