FOSSIL FUEL FINANCE REPORT 2021 - SUMMARY
F O S S I L F U E L F I N A N C E R E P O RT 2021 - SUMMARYFive years have passed since the Paris Agreement was adopted —follows as the second-worst fossil bank, followed by Wells Fargo, Bank ofwhen a line in the sand was drawn that should have indicated a realAmerica, RBC, and MUFG. Barclays is the worst in Europe and Bank ofbeginning to serious, concerted action on climate. Thus it is shockingChina is the worst in China.that this report finds that fossil fuel financing from the world’s 60 largestcommercial and investment banks was higher in 2020 than it wasBanking on Climate Chaos 2021 also assesses banks’ future-facingin 2016. This report aggregates banks’ leading roles in lending andpolicies to restrict financing for fossil fuels, and finds that UniCreditunderwriting of debt and equity issuances and finds that these 60 bankshas the strongest policy overall, though it only earned about half of thepoured a total of 3.8 trillion into fossil fuels from 2016–2020.1available points — underscoring that the banking sector remains farfrom committing to a complete exit from fossil fuel financing.2020 was a calamitous year for the fossil fuel industry, with a notabledecline in fossil fuel use.2 Fossil fuel financing in 2020 paints anAs in past editions, the report assesses bank financing for and policiesinteresting picture of a world reacting to the onset of a pandemic.regarding key fossil fuel sectors, with league tables, policy scores, andJanuary through June saw the highest fossil fuel financing of any halfcase studies on tar sands oil, Arctic oil and gas, offshore oil and gas,year since the adoption of the Paris Agreement, as large corporationsfracked oil and gas, liquefied natural gas (LNG), coal mining, and coalaround the world took advantage of very low interest rates and centralpower.bank bond-buying programs to load up on cheap debt in preparationfor difficult times ahead.3 Meanwhile, the second half of the year sawThis year’s report also assesses the current wave of bank commitmentsrecord low levels of financing. This resulted in a 9% drop in fossil fuelto reduce their financed emissions to “net zero by 2050,” and reviewsfinancing from 2019 to 2020.related policies like measuring and disclosing financed emissions,emphasizing that no bank making a climate commitment for 2050And yet the overall fossil fuel financing trend of the last five years isshould be taken seriously unless it also acts on fossil fuels in 2021.still heading definitively in the wrong direction, reinforcing the need forMoreover, until the banks prove otherwise, the “net” in “net zero” leavesbanks to establish policies that lock in the fossil fuel financing declinesroom for emissions targets that fall short of what the science demands,of 2020, lest they snap back to business-as-usual in 2021.based on copious offsetting or absurd assumptions about futurecarbon-capture schemes, as well as the rights violations and fraud thatJPMorgan Chase remains the world’s worst banker of fossil fuels overoften come hand in hand with offsetting and carbon markets.this time period, though its funding did drop significantly last year. Citi 900 B 900 B 800 B 800 B 700 B 700 BGLOBAL FOSSILFUEL FINANCING 600 B 600 B2016-2020 500 B 500 BH2 (JULY-DEC) 400 BH1 (JAN-JUNE) 400 B(BILLIONS USD)Linear Trendline 200 B 100 B 100 B 0 B201620172018 0 B20162017H1 (JAN-JUNE)Linear Trendline 300 B 300 B 200 BH2 (JULY-DEC)20182019202020192020
KEY FINDINGSU.S. and Canadian banks make up only 13 of the 60 banks analyzed, but account for almost half of global fossil fuel financing.THE DIRTY DOZENSUM OF FOSSIL FUEL FINANCING 2016-2020FOSSIL FUEL FINANCING 2016-2020 (BILLIONS USD)#1JPMORGAN CHASE 317 B#2CITI 237 B#3WELLS FARGO 223 B#4BANK OF AMERICA 198 B#5RBC 160 B#6MUFG 148 B#7BARCLAYS 145 B#8MIZUHO 123 B#9TD 121 B# 10BNP PARIBAS 121 B# 11SCOTIABANK 114 B# 12MORGAN STANLEY 111 B 0 B8 U.S. BANKSJPMorgan Chaseleads by 33%5 CANADIAN BANKS24 EUROPEAN BANKS14 CHINESE AND INDIAN BANKS5 JAPANESE AND KOREAN BANKS4 AUSTRALIAN BANKS 100 B 200 B 300 B 400 BThese “Dirty Dozen” banks have very different policies regarding restriction and phase-out of coal, oil, and gas, but none are sufficient. Among theworld’s largest banks, strong coal policies are rare, and even the strongest oil and gas policies are sorely lacking.B A N K I N Gcompanies with the worst fossil fuel expansion plans.FOSSIL FUEL FINANCING 2016-2020 (TRILLIONS USD)COAL POLICY SCORE(OUT OF 80)OIL & GAS POLICY SCORE(OUT OF 120)JPMORGAN CHASE12.55CITI28.55WELLS FARGO14.54BANK OF AMERICA18.53.5RBC152.5MUFG4.51.5 BARCLAYS248 MIZUHO4.50.5TD1.53.5BNP PARIBAS6626.5SCOTIABANK02.5MORGAN STANLEY155BANK2Much of this 3.8 trillion in financing facilitates the expansion of fossil fuel extraction and infrastructure. 39% of total financing went to just 100 keyO NC L I M AT EC H A O S 2021 - SUMMARYFinancing for 100 Key Fossil FuelExpansion Companies (39%)Fossil Fuel Financing to AllOther Companies (61%) 0 1 T 2 T 3 T 4 T 5 TIncluded in these 100 companies are:Enbridge, whose planned Line 3 pipeline violates Indigenous rights, threatens the Great Lakes of North America, and jeopardizes our sharedclimate by expanding access to dirty tar sands oil.BP, Shell, ConocoPhillips, and Equinor, four of the companies fracking in the virtually untapped “carbon bomb” of Vaca Muerta, on the land ofIndigenous Mapuche communities in Argentina’s Patagonia region. France’s Total and China’s CNOOC, which are hoping to build the East African Crude Oil Pipeline (EACOP) across Uganda and Tanzania.The project is expected to enable massive expansion of the oil sector, threaten critical ecosystems, cause displacement, and pose additionalhuman rights violations.»See BankingonClimateChaos.org for more detail on each of these case studies, and many more.B A N K I N GO NC L I M A T EC H A O S 2021 - SUMMARY3
POLICY SCORESThere are several reasons why banks’ current fossil fuel policies are not fullyaddressing the financing of climate chaos.FOSSIL FUEL FINANCING 2016-2020 VS TOTAL POLICY DIAOTHER EUROPESOUTH KOREA160First, while the strongest policies so far are focused on the restriction and phase-out of coal financing, 69% of the fossil fuel financing analyzed wasfor oil and gas companies.4Fossil Financing for Oil and Gas Companies (69%)Fossil Financing for Utility Companies (23%)Fossil Financing for Coal and Mining Companies (6%) 0 T 1 T 2 T 3 T 4 TFossil Financing for Diversified CompaniesCategorized in Other Sectors (2%) 5 TAnd while many policies are focused on project-specific finance, only 5% of fossil fuel financing is marked as project-related. Loans and bonds for“general corporate purposes” go unchecked by weak policies, but do support fossil fuel expansion.Italy's UniCredit now has the strongest policies overall. But it onlyNot Project-Related (92%)earns about half of the available total points — underscoring that the140banking sector remains far from aligning with a climate-stable future.Project-Related (5%)TOTAL POLICY SCORE( OUT OF 200 )No Listed Use of Proceeds (3%) 0 T120 2 T 3 T 4 T 5 TFrench banks have some of the strongest policies, with BNP ParibasIt is also crucial that bank fossil fuel and overall climate policies cover underwriting as well as lending. In 2020, 65% of bank financing for fossil fuelsrestricting some unconventional oil and gas, and Crédit Agricolewas through the underwriting of bond and equity issuances.phasing out coal financing. But both banks have continued high overallfossil fuel financing, highlighting the need for strong phase-out plans.100UNICREDIT 600 BBNP PARIBASCRÉDIT MUTUEL80BPCE /NATIXISCRÉDITAGRICOLE 500 BWith huge amounts of financing and low policy scores,SOCIÉTÉGÉNÉRALEfuels in Canada, Asia, and Europe, respectively.INGJPMorgan Chase is by far the world’s worst banker ofThe top 4 fossil banks are all headquartered in the U.S.UNDERWRITINGJPMORGAN CHASEWELLS FARGO0 150 B 200 BFOSSIL FUEL FINANCINGOO NN CC LL II MM AA TT EE CC HH AA OO SS 20212021 - SUMMARY2017201820192020NET ZERO PROMISES ARE INADEQUATEAs of March 2021, 17 of the 60 banks had recently pledged to achieve “net zero” financed emissions.But our analysis shows that for many of the world’s worst funders of fossil fuels, these plans so far aredangerously weak, half-baked, or vague. (See the full report for a detailed analysis.)MUFG 100 B 0 B2016RBC20 50 B 100 BCITIBANK OFAMERICAB A N K I N G 300 Bclimate chaos, with high financing and low policy scores.NATWESTBARCLAYS 0 BLENDING 200 BSANTANDER40 400 BRBC, MUFG, and Barclays are the worst bankers of fossil60204 1 T 250 B( 2016-2020 ) 300 B 350 BEven the best overall “climate impact” commitments are not a substitute for explicit commitments on fossilfuels (and deforestation). “Net zero by 2050” commitments should be met with great skepticism unless theyare accompanied by 2021 action on coal, oil, and gas.B A N K I N G BOANN KC I LNI GM AOT NECC LH I AMOA ST E2021C H- ASUMMARYO S 2021215
ALL FOSSIL FUELS GLOBALLYEXPANSION(THOUSANDS OF NDGLOBALRANK(TOP 100 COMPANIES)POLICYSCORE(1 WORST)(OUT OF 200)2016-2020FINANCINGPOLICYSCORE(OUT OF 82)TAR SANDS(TOP 35 COMPANIES)2016-2020FINANCINGPOLICYSCORE(OUT OF 18)ARCTIC OIL & GAS(TOP 30 COMPANIES)2016-2020FINANCINGPOLICYSCORE(OUT OF 18)OFFSHORE OIL & GAS(TOP 30 COMPANIES)2016-2020FINANCINGPOLICYSCORE(OUT OF 18)FRACKED OIL & GAS(TOP 40 COMPANIES)2016-2020FINANCINGPOLICYSCORE(OUT OF 18)LNGCOAL MINING(TOP 40 COMPANIES)2016-2020FINANCINGPOLICYSCORE(OUT OF 18)(TOP 30 COMPANIES)2016-2020FINANCINGPOLICYSCORE(OUT OF 32)COAL POWER(TOP 30 COMPANIES)2016-2020FINANCINGPOLICYSCORE(OUT OF 32)UNITED STATESJPMorgan Chase 316.735 B117.5 142.786 B9 12.141 B0.5 2.278 B3.5 29.070 B0 52.232 B0.5 7.811 B0 1.899 B8 3.417 B4.5Citi 237.477 B233.5 108.262 B18 3.453 B0.5 1.500 B2.5 28.347 B0.5 38.928 B0.5 8.193 B0.5 1.599 B9.5 5.754 B19Wells Fargo 223.349 B318.5 69.614 B13 911 M0.5 398 M1.5 1.651 B0.5 53.991 B0.5 719 M0.5-8 2.556 B6.5Bank of America 198.452 B422 92.510 B14 3.610 B0.5 976 M2.5 24.517 B0 38.906 B0 6.555 B0 679 M12 3.212 B6.5Morgan Stanley 110.778 B1220 47.072 B12 1.394 B0.5 455 M2.5 17.143 B0.5 12.704 B0.5 8.620 B0.5 900 M7.5 1.687 B7.5Goldman Sachs 100.506 B1520.5 39.472 B14 742 M0.5 649 M2.5 11.650 B0.5 12.673 B0.5 3.706 B0 1.537 B9.5 1.498 B6.5Truist 29.459 B370 8.130 B0 30 M0-0-0 6.635 B0-0-0 986 M0U.S. Bank 26.558 B3927.5 4.355 B22.5 11 M2.5-2.5-1.5 3.484 B2.5 80 M1-6 697 M6.5RBC 160.129 B517.5 61.106 B7 22.523 B0.5 67 M1.5 2.354 B0 16.009 B0 3.739 B0 382 M6.5 1.773 B8.5TD 121.063 B95 59.449 B2.5 24.222 B0.5 400 M2 685 M0 13.827 B0.5 56 M0 377 M1 872 M0.5Scotiabank 113.846 B112.5 48.325 B2 8.649 B0 21 M2 2.643 B0 18.261 B0 3.289 B0 304 M0 1.805 B0Bank of Montreal 97.207 B1611.5 43.089 B5 10.045 B0 44 M1-0 8.560 B0 20 M0 781 M5-5CIBC 66.739 B223.5 18.564 B1 11.032 B0-3 58 M0 2.915 B0 461 M0 35 M0-0MUFG 147.737 B66 60.125 B2.5 1.571 B0.5 1.043 B0.5 10.505 B0 21.776 B0 5.094 B0 545 M1 5.728 B3.5Mizuho 123.472 B85 53.386 B2.5 743 M0 827 M0 12.640 B0 19.756 B0 6.460 B0 370 M1 4.181 B3.5SMBC Group 86.261 B186.5 36.132 B2.5 494 M0.5 853 M0.5 11.249 B0 7.199 B0.5 6.540 B0 299 M1 2.125 B3.5 596 M593.5 426 M2-0-0-0-0 200 M0-0 366 M3Bank of China 101.195 B140.5 37.160 B0 351 M0 1.404 B0 5.889 B0 1.787 B0 1.956 B0 12.228 B0 22.785 B0ICBC 96.005 B170.5 37.291 B0 657 M0 2.255 B0 8.416 B0 2.546 B0 2.790 B0 6.604 B0 22.372 B0China Construction Bank 60.536 B240.5 16.171 B0 169 M0 656 M0 2.412 B0 597 M0 472 M0 12.451 B0 15.876 B0Industrial Bank 55.061 B251.5 10.378 B0 117 M0 190 M0 356 M0 141 M0 132 M0 17.472 B0.5 8.566 B0.5Agricultural Bank of China 49.752 B260 21.445 B0 273 M0 1.124 B0 4.047 B0 1.244 B0 348 M0 4.573 B0 16.067 B0China CITIC Bank 44.484 B271 12.975 B0 42 M0 326 M0 1.004 B0 336 M0 79 M0 6.978 B0 18.415 B0.5Shanghai Pudong Development Bank 37.875 B290 9.219 B0 76 M0 240 M0 586 M0 244 M0 17 M0 9.048 B0 9.587 B0China Merchants Bank 32.392 B330.5 6.764 B0 61 M0 51 M0 37 M0 10 M0 300 M0 4.862 B0 12.373 B0Ping An 29.700 B360.5 6.710 B0 15 M0 105 M0 274 M0 125 M0 41 M0 5.735 B0 13.455 B0China Everbright Bank 28.291 B380 4.662 B0 108 M0 268 M0 538 M0 245 M0 98 M0 6.116 B0 7.939 B0China Minsheng Bank 26.120 B401 16.554 B0 334 M0 2.154 B0 7.269 B0 1.980 B0 282 M0 2.021 B0.5 1.452 B0.5Bank of Communications 23.750 B410 5.200 B0 117 M0 144 M0 777 M0 113 M0 96 M0 6.976 B0 3.075 B0Postal Savings Bank of China 7.929 B521.5 3.011 B0 26 M0 248 M0 966 M0 192 M0 43 M0 973 M0.5 2.873 B0.5CANADAJAPANSuMi TRUSTCHINANumbers in Yellow represent Top 10 funders of each category6B A N K I N GO NC L I M AT EC H A O S 2021 - SUMMARYContinued on next page —»B A N K I N GO NC L I M A T EC H A O S 2021 - SUMMARY7
ALL FOSSIL FUELS GLOBALLYEXPANSION(THOUSANDS OF NDGLOBALRANK(TOP 100 COMPANIES)POLICYSCORE(1 WORST)(OUT OF 200)2016-2020FINANCINGPOLICYSCORE(OUT OF 82)TAR SANDS(TOP 35 COMPANIES)2016-2020FINANCINGPOLICYSCORE(OUT OF 18)ARCTIC OIL & GAS(TOP 30 COMPANIES)2016-2020FINANCINGPOLICYSCORE(OUT OF 18)OFFSHORE OIL & GAS(TOP 30 COMPANIES)2016-2020FINANCINGPOLICYSCORE(OUT OF 18)FRACKED OIL & GAS(TOP 40 COMPANIES)2016-2020FINANCINGPOLICYSCORE(OUT OF 18)LNGCOAL MINING(TOP 40 COMPANIES)2016-2020FINANCINGPOLICYSCORE(OUT OF 18)(TOP 30 COMPANIES)2016-2020FINANCINGPOLICYSCORE(OUT OF 32)COAL POWER(TOP 30 COMPANIES)2016-2020FINANCINGPOLICYSCORE(OUT OF 32)UKBarclays 144.897 B732 57.826 B15 3.993 B0.5 1.427 B4 15.827 B0 23.991 B3 3.724 B0 510 M12 4.076 B12HSBC 110.745 B1320.5 50.965 B14 3.026 B2.5 668 M1 21.614 B0 7.360 B0.5 4.346 B0 418 M8.5 3.187 B6.5Standard Chartered 31.422 B3435.5 8.537 B16 115 M3 140 M3 2.677 B0.5 327 M0.5 1.869 B0 469 M13 2.113 B15NatWest 13.393 B4643 4.070 B15.5 52 M1.5 30 M2.5 975 M1.5 901 M2.5 175 M0.5 386 M15 23 M15Lloyds 11.979 B4828 3.424 B17 58 M2-2 1.243 B2 359 M1 966 M0 26 M9 46 M9BNP Paribas 120.825 B1092.5 58.585 B46.5 1.148 B7 714 M7 29.327 B0.5 5.592 B7 4.514 B3 425 M30 1.404 B25Credit Suisse 82.201 B1920 28.574 B10.5 838 M0.5 308 M3 3.744 B0 16.008 B0.5 2.483 B0 2.405 B7 3.097 B7Deutsche Bank 74.624 B2030 30.438 B19 1.582 B3 735 M2.5 7.585 B0 8.042 B1.5 1.328 B0 2.257 B9.5 488 M12Société Générale 73.026 B2174 32.282 B30 795 M4 1.152 B4 9.742 B0 6.124 B1.5 6.182 B0.5 684 M26 124 M23Crédit Agricole 64.587 B2374 29.800 B38 664 M3.5 1.397 B2.5 14.758 B0 4.275 B0.5 2.999 B0 369 M27 1.035 B27ING 44.209 B2851 5.815 B16.5 34 M6 294 M5 558 M0.5 51 M3 2.670 B0 446 M15-13BPCE/Natixis 36.978 B3074.5 6.404 B35 52 M7 91 M2 2.185 B0.5 1.773 B3 2.159 B0.5-30 9 M30UBS 36.128 B3128.5 13.851 B12 415 M3 203 M3 3.676 B0.5 2.582 B0.5 3.629 B0.5 810 M12 1.558 B9Santander 34.036 B3250.5 19.751 B24 153 M5 69 M7 11.045 B0.5 1.233 B5 3.203 B0.5 396 M17 393 M12UniCredit 31.418 B3593.5 8.014 B43 42 M4 1.493 B4 2.789 B3-4 518 M3 673 M30 60 M30BBVA 22.351 B4243 9.836 B14 72 M5 80 M3 3.961 B0.5 1.713 B0 1.916 B0 351 M17 183 M17Intesa Sanpaolo 13.708 B4518.5 6.336 B12 25 M0 227 M0 1.668 B0-0 1.564 B0 414 M11 245 M7Commerzbank 11.856 B4919 4.636 B12 42 M1 338 M2 997 M0 863 M1 235 M0.5 962 M7 135 M7Nordea 9.484 B5012.5 112 M2-3 28 M0-0-3 886 M0 87 M3-3Rabobank 8.207 B5128 549 M23-3-1 298 M0-3-1 194 M6-10.5Danske Bank 5.813 B5516-4-2-0-0-0 508 M0-9-5DZ Bank 1.561 B5714.5 162 M14-1 249 M0-0-1 162 M0 26 M6 46 M6Crédit Mutuel 284 M6090 62 M44-3.5-4.5-2.5-3.5 62 M1-30-30ANZ 15.227 B4422.5 5.073 B10 70 M0 43 M0 2.774 B0 161 M0 922 M0 283 M8.5 744 M10.5Westpac 6.514 B5313.5 1.667 B7 18 M1 268 M1 793 M0-0 787 M0 4 M6.5 50 M3.5Commonwealth Bank 6.243 B5418 2.427 B3 27 M1.5 13 M2.5 1.075 B0.5-0.5 560 M0.5 304 M6 124 M6NAB 4.432 B5614 820 M6-1-1-0-0 406 M0 326 M9 124 M2.5State Bank of India 21.478 B430 6.185 B0-0 607 M0 2.954 B0-0-0 143 M0 1.373 B0Sberbank (Russia) 12.793 B470 11.143 B0-0 1.946 B0 184 M0-0 3.069 B0 404 M0 44 M0Shinhan (S. Korea) 1.096 B586.5 765 M4-0-0 286 M0.5-0-0.5-0.5-4.5GRAND TOTAL 3.805 TCONTINENTAL EUROPEAUSTRALIAOTHER8B A N K I N GO NC L I M AT EC H A O S 2021 - SUMMARY 1.488 T 38.824 B 14.692 B 168.780 B 170.713 B 44.141 B 68.726 BB A N K I N GO NC L I M A T E 119.786 BC H A O S 2021 - SUMMARY9
POLICY SCORES SUMMARYEven the banks at the top of this chart still have a long way to go to truly align their policies with the goals of the Paris Agreement.BANKTOTAL POLICY SCORE (OUT OF 200)UNICREDIT93.5DANSKE BANKBNP PARIBAS92.5DZ BANK90CRÉDIT MUTUEL1614.514NAB74.5WESTPAC13.5CRÉDIT AGRICOLE74NORDEA12.5SOCIÉTÉ GÉNÉRALE74BANK OF MONTREAL11.5ING51SHINHAN6.5SMBC T43MIZUHO55STANDARD CHARTERED35.5TDCITI33.5CIBC3.5BARCLAYS32SUMI TRUST3.5DEUTSCHE BANK30SCOTIABANK2.5INDUSTRIAL BANK1.51.528.5UBSLLOYDS28POSTAL SAVINGS BANK OF CHINARABOBANK28CHINA CITIC BANK11U.S. BANK27.5CHINA MINSHENG BANKANZ22.5BANK OF CHINA0.5CHINA CONSTRUCTION BANK0.5BANK OF AMERICA22GOLDMAN SACHS20.5CHINA MERCHANTS BANK0.5HSBC20.5ICBC0.50.5CREDIT SUISSE20PING ANMORGAN STANLEY20AGRICULTURAL BANK OF CHINA0COMMERZBANK19BANK OF COMMUNICATIONS0INTESA SANPAOLO18.5CHINA EVERBRIGHT BANK0WELLS FARGO18.5SBERBANK0SHANGHAI PUDONG DEVELOPMENT BANK0COMMONWEALTH BANK18JPMORGAN CHASE17.5STATE BANK OF INDIA0RBC17.5TRUIST00COAL POINTS EARNED10TOTAL POLICY SCORE (OUT OF 200)BANKB A N K I N GO NC L I M AT EOIL & GAS POINTS EARNEDC H A O S 2021 - SUMMARY50100COAL POINTS NOT EARNED150200OIL & GAS POINTS NOT EARNED0COAL POINTS EARNEDOIL & GAS POINTS EARNED50100COAL POINTS NOT EARNEDB A N K I N GO N150200OIL & GAS POINTS NOT EARNEDC L I M A T EC H A O S 2021 - SUMMARY11
CONCLUSION AND DEMANDSThe window for keeping the rise in global temperature to 1.5 C is growing smaller. With most of the major fossil fuel companies still projecting significantincreases in fossil fuel production in the next decade, cutting emissions to zero — now recognized as a necessity to avoid complete climate chaos — willbe exceedingly difficult.5 Even now, plans for vast expansion of fossil fuels, including coal, are being advanced in the face of a true existential threat tohumanity.6To align their policies and practices with a world that is liekley to limit global warming to 1.5 C and fully respects humanrights, and Indigenous rights in particular, banks must: Prohibit all financing for all fossil fuel expansion projects and forall companies expanding fossil fuel extraction and infrastructurealong the whole value chain. Commit to measure, disclose, and set targets to zero out theabsolute climate impact of their overall financing activities on a1.5 C-aligned timeline, including short-, medium-, and long-termtargets.Commit to phase out all financing for fossil fuel extraction, combustion, and infrastructure, on an explicit timeline that isaligned with limiting global warming to 1.5 C, starting withFully respect all human rights, particularly the rights of IndigenousPeoples, including their rights to their water and lands and thecoal mining and coal power, as well as financing for existingright to Free, Prior, and Informed Consent, as articulated in theprojects and companies active in tar sands oil, Arctic oil and gas,UN Declaration on the Rights of Indigenous Peoples.7 Prohibit alloffshore oil and gas, fracked oil and gas, and LNG. As part of thisfinancing for projects and companies that abuse human rights,commitment, require fossil fuel clients to publish plans to phaseincluding Indigenous rights.out fossil fuel activity on a 1.5 C-aligned timeline.METHODOLOGYThis analysis covers the world’s 60 biggest relevant banks by assets,Transaction data were sourced from Bloomberg Finance L.P. (where theaccording to the S&P Global Market Intelligence ranking from April 2020.8value of a transaction is split between leading banks), and IJGlobal.For each particular spotlight fossil fuel and for fossil fuels overall, theWe assessed each bank’s involvement in relevant corporate lendingpoint-based policy ranking assesses bank policies in four ways:and underwriting transactions from 2016 through 2020 (in U.S. dollars).Each transaction was weighted based on the proportion of the borrower»Does the bank restrict financing for expansion via restrictions on»Does the bank restrict financing for expansion via restrictions onor issuer’s operations devoted to the sector in question. For the leaguetables measuring financing for all fossil fuels (approximately 2,300 fossildirect financing for projects?fuel companies), and the top fossil fuel expanders (100 companies),financing for expansion companies?transactions were adjusted based on each company’s fossil fuel-based»Does the bank commit to phase out financing for the sector?assets or revenue. For sector financing (30-40 top companies in each»Does the bank commit to exclude companies active above asubsector), each transaction was weighted based on the proportion of thecertain threshold?borrower or issuer’s operations devoted to the subsector in question. Theseadjusters were provided by Profundo.All policy scores are as of March 24, 2021.»For a full explanation of methodology and scope, breakdowns of each bank’s policy assessment, lists offossil fuel companies included, and frequently asked questions, visit BankingonClimateChaos.org.ENDNOTES1 For all figures in this summary version, unless otherwise cited, see the full version of Banking on Climate Chaos 2021 for details: bankingonclimatechaos.org2 “World Energy Outlook 2020,” International Energy Agency, October 2020.3 See, e.g., David J. Lynch, “With Fed’s Encouragement, Corporations Accelerate Debt Binge in Hopes of Riding Out Pandemic,” Washington Post, 13 May 2020.4 Company sector category defined by company’s primary categorization in the Bloomberg Industry Classification Standard.5 David Tong, “Big Oil Reality Check: Assessing Oil and Gas Company Climate Plans,” Oil Change International, September 2020, p. 3.6 See, e.g., Christine Shearer, “New Report – Boom and Bust 2020: Tracking the Global Coal Plant Pipeline,” End Coal, 25 March 2020.7 “United Nations Declaration on the Rights of Indigenous Peoples,” United Nations, 07-58681, March 2008.8 Zarmina Ali, “The World’s 100 Largest Banks, 2020,” S&P Global, 7 April 2020. Banks with less than 500 million in league credit for economy-wide financing from 2016–2020 were deemed irrelevant tothis analysis and thus excluded. This resulted in the exclusion of three Japanese banks: Japan Post Bank (11th largest by assets), Norinchukin Bank (28th largest by assets), and Resona Holdings (56th largestby assets).
poured a total of 3.8 trillion into fossil fuels from 2016–2020.1 2020 was a calamitous year for the fossil fuel industry, with a notable decline in fossil fuel use.2 Fossil fuel financing in 2020 paints an interesting picture of a world reacting to the onset of a pandemic. January through June saw the h
global supply and consumption of fossil fuel In this view, a proposed expansion of fossil fuel infrastructure would have no impact on global fossil fuel consumption: the project would displace another fossil fuel resource, or an alter - native handling of t
Abstract— Reducing the fossil fuel consumption is the major debate of nowadays governments. Each liter, gallon or tone of fossil fuel is worth saving. Less fossil fuel used in the industry transfers to less pollution impact on the environment. One way to produce energy and save fossil fuel consumption is . The Pixsysy ATR 243 ABC
Fuel transfer pump (35) is mounted on the back of unit injector hydraulic pump (1). The fuel transfer pump pushes pressurized fuel out of the outlet port and the fuel transfer pump draws new fuel into the inlet port. Fuel is drawn from fuel tank (12) and flows through two micron fuel filter (11) . Fuel flows from fuel filter (11) to the inlet .
Fossil Fuel Use and Carbon Dioxide Emissions The amount of carbon in fossil fuels varies according to the type of fossil fuel. Coal contains the most carbon per unit of energy, followed by natural gas and petroleum. Natural gas has about 55% le
Subsidy Swap: Reducing fossil fuel subsidies through energy efficiency and renewable energy in Zambia Executive Summary Fossil fuel subsidies promote wasteful consumption, can be extremely costly to public budgets and the bulk of the value of subsidies tend to be captured by the richest groups in society (Kojima et al., 2016). The reform of fossil
Nuclear and fossil fuel cycles Fossil fuel cycle. Coal is the leading fossil fuel used for electricity generation in the in-dustrialized world, although the share of gas is increasing rapidly. In some countries, oil is also an important fuel for electricity production, but many try to avoid i
trillion out of 1.6 trillion total fossil fuel costs on oil alone. Rising fossil fuel expenditures will affect all 50 states, but states with a greater reliance on fossil fuels, par-ticularly oil, will experience greater increases. (See
The American Revolution This French snuffbox pictures (left to right) Voltaire, Rousseau, and colonial states-man Benjamin Franklin. Enlightenment and Revolution641 Americans Win Independence In 1754, war erupted on the North American continent between the English and the French. As you recall, the French had also colonized parts of North America through-out the 1600s and 1700s. The conflict .
