Led by JPMorgan, the 60 largest global banks finance fossil fuel projects with $705 billion.

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Economy News - follow up
[rtl]The 60 largest banks in the world provided huge financing for fossil fuel projects last year (2023), despite anti-fossil time investment movements in recent years.[/rtl]
[rtl]According to a recent study, bank financing for oil, gas and coal projects increased by about $705 billion over the past year.[/rtl]
[rtl]The increase in financing global fossil fuel projects during the past year (2023) was 4.8%, an increase from about $673 billion in the previous year (2022), as the increase was largely driven by financing the liquefied gas sector.[/rtl]
[rtl]The study indicates that this noticeable increase in financing for these projects by the 60 largest banks in the world over the past year brings the total financing obtained by this sector, since the signing of the Paris Climate Agreement in 2015, to 6.9 trillion dollars.[/rtl]

[rtl]Financing fossil fuel projects[/rtl]

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[rtl]The 15th annual Banking on Climate Chaos (BOCC) report, issued by a group of civil society organizations and non-governmental organizations, has been released, revealing the trend of the world's 60 largest banks, both commercial and investment, to increase financing of fossil fuel projects.[/rtl]
[rtl]These financings are on an upward trend again after falling during the year 2022 to 673 billion dollars, after being around 742 billion dollars in the previous year 2021, which is due to the increase in the profits of oil and gas companies, according to what was published by the “Argus Media” platform ( Argus Media).[/rtl]
[rtl]At the forefront of the 60 largest banks in the world that financed fossil projects was JPMorgan Chase, which provided approximately $40.9 billion during the past year, 2023, up from $38.7 billion in the previous year, 2022.[/rtl]
[rtl]At the same time, financing from banks that provide financing to companies with plans to expand into fossil fuel projects globally rose to $19.3 billion in 2023, up from $17.1 billion in 2022.[/rtl]
[rtl]The second largest bank in the world in terms of providing financing for fossil fuel projects was Japan's Mizuho Bank, which raised financing commitments to $37 billion for all types of fossil fuels, from $35.4 billion in 2022.[/rtl]
[rtl]Then, “Bank of America” came in third place among the 60 largest banks in the world, with an amount of $33.7 billion, but this financing by the bank last year is less than the financing it provided in 2022, which amounted to about $37.3 billion.[/rtl]
[rtl]Of the world's top 60 banks in financing fossil fuel projects, 27 banks increased their financing for companies with exposure to fossil fuels, and this rise was driven by financing of the liquefied gas sector, including hydrofracking, import-export and transportation.[/rtl]
[rtl]Climate commitments and financing for gas and thermal coal[/rtl]
[rtl]The study revealed that developers have mobilized significant support, from the 60 largest banks in the world, for liquefied gas projects, as part of efforts to enhance energy security after the start of the Russian-Ukrainian war in 2022, as banks actively support this sector.[/rtl]
[rtl]Mizuho Bank and MUFG topped the financing of liquefied gas imports, as they provided $10.9 billion and $8.4 billion, respectively, to companies aiming to expand this sector, while the total financing for the methane gas sector in 2023 reached about 121 billion. $, up from $116 billion in 2022.[/rtl]
[rtl]At the same time, financing for thermal coal mining operations rose to $42.2 billion, from $39.7 billion in 2022, with 81% of this amount coming from Chinese banks, while some banks in America provided financing for this sector, including the “Bank of America,” according to what was published by the Euro News platform.[/rtl]
[rtl]The study accused some American banks of reneging on their climate commitments, led by Bank of America, which had previously committed not to directly finance projects that include coal-fired power plants, or finance coal mines, but changed its policies late last year, making the matter subject to evaluation. Executive officials.[/rtl]
[rtl]However, the report made an important note regarding financing operations for coal mining projects, as most banks’ coal exceptions only apply to thermal coal and not metallurgical coal.[/rtl]
[rtl]It is noteworthy that the total borrowing of major oil companies, from the 60 largest banks in the world, such as the Italian Eni, Conoco Philips, Chevron, and Shell, decreased by 5.24% in 2023, while the oil companies did not receive... Others, such as French TotalEnergies, Hess, and Exxon Mobil, received financing.[/rtl][/size]

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Added 05/14/2024 - 10:49 AM
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