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Environmental groups released the "Banking on Climate Chaos" report on April 12, 2023, which details the world's largest banks' spending on fossil fuel project financing since the Paris Agreement. The report contains some shocking figures and emphasizes the critical need for a shift toward sustainable financing.

Highlights Of The Report

• Since the Paris Agreement was signed in 2016, the world's 60 largest banks have spent a staggering $5.5 trillion, or Rupees 4,49,36,265 crore, on financing fossil fuel projects. This figure alone demonstrates the magnitude of the problem and emphasizes the urgency of action.

• In 2022, the United States was the leading financier of fossil fuels, accounting for 28% of total financing in the fossil fuel sector.

• JPMorgan Chase & Co, Citibank NA, Wells Fargo & Company, Bank of America Corporation, and others were among the ten banks with the highest spending on fossil fuels from 2016 to 2022.

• In just 2022, $673 billion was spent on fossil fuel financing, emphasizing the urgency of the situation.

• BNP Paribas, Europe's largest lender, is financing $20.8 billion in fossil fuel entities in 2022.

• From 2020 to 2022, Canada and Japan were the top financiers of fossil fuels, highlighting the need for these countries to take bold steps to transition to renewable energy sources.

• G7 countries provided $73 billion in public financing for fossil fuels from 2020 to 2022, calling their commitment to the Paris Agreement into question.

• Danske Bank decided in 2023 to discontinue fossil fuel refinancing of old oil and gas exploration and production projects and to provide new long-term financing for the same, particularly for companies that do not have a credible transition plan based on the Paris Agreement.

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