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Author Topic: Fossil Fuels: Degraded Democracy and Profit Over Planet Pollution  (Read 19910 times)

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    • Renwable Revolution

#Sludge Report — Who 👹💵🎩 Is Funding The 🦖 Fossil Fuel 😈 Industry?

October 17th, 2019 by Steve Hanley


Other top financiers of fossil fuel companies include Citigroup, Bank of America, and Wells Fargo. In all, 33 financial institutions provided approximately $1.9 trillion in funding to the  fossil fuel sector between 2016 and 2018. The analysis was done for The Guardian by Rainforest Action Network, a US-based environmental organization using Bloomberg financial data and publicly available company disclosures.

The figures show Wells Fargo, JPMorgan Chase, and Bank of America ponied up about $80 billion to finance fracking operations in the Permian basin in Texas over the past three years.  The financing of the tar sands crude oil projects in Alberta, Canada, is dominated by Canadian banks, led by the Royal Bank of Canada and Toronto Dominion. The big four state-owned Chinese banks, which have no fossil fuel financing policies, have dominated services for coal mining and coal generating plants since 2016.

Asked to comment on the findings, JPMorgan Chase offered a typically mealy-mouthed, weasel-worded response, saying it recognizes the complexity of climate change and is actively engaging with all stakeholders on the issue. Isn’t that like saying we will continue to help and pillage the Earth until someone forces us to stop?

Full article

Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23


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