US, Japanese banks lead fossil fuel financing

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PARIS: The world’s largest banks financed fossil fuels to the tune of $705 billion in 2023, with US and Japanese lenders main the way in which, an annual report by local weather campaigners mentioned Monday.
Since the 2015 Paris local weather settlement, the highest 60 banks have supplied a complete of $6.9 trillion to the sector, in accordance with the coalition’s fifteenth annual report titled “Banking on Climate Chaos”.
“Financiers and investors of fossil fuels continue to light the flame of the climate crisis,” mentioned Tom BK Goldtooth, govt director of Indigenous Environmental Network, one of many report’s authors.
Last 12 months’s fossil fuel funding was down 9.5 % from 2022, the report mentioned.
But some banks elevated their publicity to local weather danger, it mentioned.
JPMorgan was the highest financier final 12 months, offering $41 billion, a 5.4 % improve from 2022, in accordance with the report.
Japan’s Mizuho moved as much as second place with $37 billion, adopted by Bank of America at $33.7 billion.
“As one of the world’s largest financiers to both traditional and clean energy companies, we help power today’s global economy,” mentioned a JPMorgan Chase spokesperson in response.
“We believe our data reflects our activities more comprehensively and accurately than estimates by third parties. Reflecting our strategy of supporting the build-out of zero-carbon power, we set a net-zero aligned Energy Mix target and will disclose a clean energy supply financing ratio.”


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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