Climate, the hypocrisy of the big banks: they signed “zero emission” agreements, but in 7 years they gave 5,500 billion to mining companies.

Seven years have passed since its adoptionParis AgreementIn 2016, and funded by 60 of the world’s largest banks during this period Fossil fuels Roughly 5.5 trillion dollars Through subscriptions of loans and bonds and shares: 673 billion in 2022 alone. Companies in this sector realized last year 4 trillion dollars in profits. During the same period, UniCredit And Indesa Sanpaolo They have more or less consistently donated the first 42.8 billion (5.7 billion in 2022) and about 21 billion the second (3.2 billion in 2022). Both are among the top 45 banks worldwide that finance multinationals involved in the expansion of the fossil fuel sector. I And Total. These are some of the details that emerged in the new report Bank on Climate Confusionedited by Recover funds, International Oil Exchange, Rainforest Action Network, Bank track, Indigenous Environment Network, Sierra Club, stimulus More than 550 companies from more than 70 countries including and are sponsoring Common. The document takes a substantial part of the financing of the fossil fuel industry and shows how the big international banks continue to pump huge amounts of cash into the companies, despite international climate agreements. Think about how controversial it is to say goodbye Coal: Funding for mining companies decreases, banks funding slightly increases Canada And AmericaOf the $13 billion that went to the world’s 30 largest mining companies in 2022, 87% came from Chinese banks.

Fossil Fuel Finance – American JP Morgan Chase From 2016 to 2022, it is the most supported sector in terms of loans and subscriptions alone, with $434 billion in loans and subscriptions, but is the number one sector in terms of financing by 2022. Royal Bank of Canadawith 42.1 billion. However, in the ranking of credit institutions that have given the most donations over the past seven years, the Canadian bank is the fifth (with 254 billion) after the American JP Morgan Chase. You are quoting, Wells Fargo And Bank of America. In fact, US banks account for 28% of loans by 2022, even as Canadian, European and Chinese banks increasingly support the sector. Between 2021 and 2022, Uncredit is among the 15 banks that increased loans the most (17%, $834 million more). “The two biggest Italian banks, Intesa San Paolo and UniCredit, are being ignored Alarms Continues to fund the expansion of the scientific community and industry Petroleum He was born gasSniffing out new business opportunities in the case of liquefied natural gas (LNG),” he explains. Daniela FinamoreReagan’s fiscal and climate campaigner insists these are “gains”. Harmful to communities On the front lines that are already experiencing the worst impacts of climate change”.

Expansion inconsistent with climate targets – The Intergovernmental Panel on Climate Change (IPCC) was clear: any new development of fossil fuels after 2021 would not be suitable for maintenance. Global warming Below 1.5 ̊C, potential emissions from wells that have already been drilled or are being drilled or from mines that have already been dug are already bringing the world above 2°C. However, “59 of the 60 banks analyzed do not have good enough policies to stay below 1.5°C”, while 53 banks have supported 100 companies that are expanding their operations significantly with new projects worth 150 billion dollars (in 2022 alone). or adding a new capability etc TC power, Total energies, Venture Global, Conocophillips And Saudi Aramco. With Eni at the front line, in 2022 Unicredit will finance these companies with 633 million (8.8 billion from 2016), while Intesa San Paulo will reach 1.8 billion (6.2 from 2016).

Support for LNG despite huge profits – 2022 is a year Big profit For companies involved in the Liquefied Natural Gas (LNG) business. As a continuation of thatInvasion of Ukraine By Russian Federation30 of the most proactive companies took advantage of the crisis (and the growth in demand) to expand their businesses. 50% additional finance Compared to 2021, it increased from $15.2 billion to $22.6 billion in 2022. “In the cases submitted – Recommon underlines – it is Gulf of MexicoThe expansion of the LNG industry has seen Intesa Sanpaolo as the protagonist, with numerous loans to companies like this one. Senior, ExxonMobil And Freeport LNG”. For new extraction and export, Europe expects Mozambique And Nigeria. From 2016 to 2021, Intesa San Paolo financed the sector with 1.6 billion (54 million in 2022), Unicredit 155 million dollars, and distributed. Coral Reef SouthA floating LNG ship docked in the Northern Province of Mozambique, a country plagued by civil strife and energy resources, recently left Rovuma LNGLed by Eni, the largest of the liquefied natural gas projects in Mozambique.

From the Arctic to the Amazon – By 2022, banks will finance $754 million in oil and gas development Amazonia By the most active companies in the area. Last year, a Spanish woman paid the most Santander (169 million), ranking sixth in the last seven years. Twenty-nine banks did not finance companies with loans and subscriptions from 2016, while 40 banks did not in 2022. However, Unicredit (6 million in 2022, 30 million from 2016) and Intesa San Paolo continue to do so. It also set limits on funding for extractive companies in particularly at-risk areas, capped at 6 million in 2022 and 15 million from 2016. Another chapter is extractionArctic. In 2022, out of 60 banks analyzed, 26 banks funded this type of activity. Intesa San Paulo did this with 11 million in 2022 and about a billion since 2016, which is not funded. Marine projects, but yes on land. It involves two functions: Yamal Elng And Arctic Lng-2 In the Russian Arctic. Although Uncredit has provided 2.5 billion since 2016, Uncredit has stalled in 2022, making it second only to JP Morgan Chase among the most funded institutions since the adoption of the Paris Agreement. Chinese banks lead the way in 2022. But they certainly aren’t the only ones, thanks to some tricks. Indeed, after years of pressure, major US banks have pledged to withdraw funding for projects in the Arctic, but taking into account a very narrow definition of ‘Arctic’. Arctic Circle. So, in March 2023, led by the US administration Joe Biden Approved the oil project Willow from Conocophillips This includes oil and gas drilling at three locations National Petroleum Reserve and should be allowed to extract 629 million barrels of oil Over the next 30 years.

Commitments and alliances, green laundry – However, out of the 60 banks involved in the report, 49 banks have confirmed themselves on paper with indicative intentions. Net Zero Emissions And 43 is a part Net-Zero Banking AllianceThe alliance was launched with much fanfare Glasgow Guard 26 And it’s ready on paper to bring together a few hundred banks to align their loan and investment portfolios with the goal of zero greenhouse gas emissions. The same 43 banks, including UniCredit and Intesa San Paulo, “financed the top 100 companies expanding their projects in fossil fuels with $111.6 billion” in 2022 alone. It’s not just about that Broken promisesBut the authors explain the risk of companies, institutions and banks “fundamentally backing projects.” Incorrect solutions For climate crisis like application Emission offsets The report also tells many stories about the inextricable link between fossil fuels and techniques like carbon and carbon dioxide capture and storage. Human rights violationfromAlaska to Nigeria, and addresses the issue of indigenous peoples. For example, telling the story of the indigenous people I cut it in the north British Columbia Western Canada: They themselves have opposed pipeline expansion for years Holy landIncluding Onshore gas connection Also funded by Royal Bank of Canada. A plan that the hereditary chiefs never approved, but breaking — the technique of extracting oil and natural gas by pumping water and chemicals into the ground at high pressure — went hand-in-hand with human rights abuses.