Bank holdings in “extreme” fossil fuels skyrocketed globally to $115bn during Donald Trump’s first year as US president, with holdings in tar sands oil more than doubling, a new report has found. A sharp flight from fossil fuels investments after the Paris agreement was reversed last year with a return to energy sources dubbed “extreme” because of their contribution to global emissions. This included an 11% hike in funding for carbon-heavy tar sands, as well as Arctic and ultra-deepwater oil and coal. US and Canadian banks led a race back into the unconventional energy sector following Trump’s promise to withdraw from Paris, with JPMorgan Chase increasing its coal funding by a factor of 21, and quadrupling its tar sands assets. Chase’s $5.6bn surge in tar sands holdings added to nearly $47bn of gains for the industry last year, according to the report by NGOs including BankTrack, the Sierra Club and Rainforest Action Network (RAN).
Links:
[1] http://admin.indiaenvironmentportal.org.in/reports-documents/banking-climate-change-fossil-fuel-finance-report-card-2018
[2] http://admin.indiaenvironmentportal.org.in/category/publisher/banktrack
[3] http://admin.indiaenvironmentportal.org.in/category/thesaurus/fossil-fuels
[4] http://admin.indiaenvironmentportal.org.in/category/thesaurus/finance
[5] http://admin.indiaenvironmentportal.org.in/category/thesaurus/climate-change
[6] http://admin.indiaenvironmentportal.org.in/category/thesaurus/industry
[7] http://admin.indiaenvironmentportal.org.in/category/thesaurus/india
[8] http://admin.indiaenvironmentportal.org.in/category/thesaurus/global
[9] http://admin.indiaenvironmentportal.org.in/category/thesaurus/banks-and-banking