Ranked: The Worst Banks for Climate Change
US banks are the worst four globally. Congratulations Team USA.
It is great to find an industry sector in which the USA is an undisputed world leader. When it comes to financing fossil fuel businesses, US banks take out the gold, silver, bronze medals and fourth place. If only financing the fossil fuels sector was an Olympic® sport!
In the years 2016, 2017, 2018 (that is, since the Paris Climate Accord was adopted) JP Morgan increased its funding to fossil fuels by nearly $200 billion — a third more than Wells Fargo (c.$150 billion increase). The competition for the minor places was closer. Citi increased its financing by $129 billion and BofA by $107 billion. Morgan Stanley ($67 billion increase) and Goldman Sachs ($59 billion increase) must have been disappointed with their 11th and 12th places, respectively.
JP Morgan’s overall top position was built on impressive performances in individual disciplines, many of which feature bonus environmental degradation:
- #1 U.S. Banker of Tar Sands Oil
- #1 Banker of Arctic Oil & Gas
- #1 Banker of Ultra-Deepwater Oil & Gas
- #2 Banker of Fracking (losing to Wells Fargo in a photo finish)
- #1 Banker of LNG
