Banks continue funding fossil fuels despite global climate agreements

Nearly $7 trillion has been funneled to fossil fuel companies by major banks since the Paris climate agreement, intensifying the global climate crisis.

Damien Gayle reports for The Guardian.


In short:

  • The report highlights that $3.3 trillion of the total financing was aimed at expanding fossil fuel operations.
  • U.S. banks lead this financing, with JP Morgan Chase providing the largest sum in 2023.
  • European banks, with Barclays at the forefront, contributed a quarter of the fossil fuel financing last year.

Key quote:

“Financiers and investors of fossil fuels continue to light the flame of the climate crisis."

— Tom BK Goldtooth, executive director of the Indigenous Environmental Network

Why this matters:

The persistent investment in fossil fuels threatens to exceed the global heating limits set by the Paris agreement, potentially leading to irreversible environmental damage. This financial support is often justified as necessary for economic growth and energy security in recipient countries. However, critics argue that it locks us into a future dependent on fossil fuels, which are detrimental to the environment and global health.

climate-driven malaria
Credit: budak/Flickr

CDC develops new test to identify climate-driven malaria-carrying mosquitoes

In a major stride against malaria, CDC researchers have created a rapid test to identify the Anopheles stephensi mosquito, a malaria carrier thriving due to climate change.

Victoria St. Martin reports for Inside Climate News.

Keep reading...Show less
Senator Whitehouse & climate change

Senator Whitehouse puts climate change on budget committee’s agenda

For more than a decade, Senator Sheldon Whitehouse gave daily warnings about the mounting threat of climate change. Now he has a powerful new perch.
Amid LNG’s Gulf Coast expansion, community hopes to stand in its way
Coast Guard inspects Cameron LNG Facility in preparation for first LNG export in 2019. (Credit: Coast Guard News)

Amid LNG’s Gulf Coast expansion, community hopes to stand in its way

This 2-part series was co-produced by Environmental Health News and the journalism non-profit Economic Hardship Reporting Project. See part 1 here.Este ensayo también está disponible en español
Keep reading...Show less
climate-resistant coffee
Credit: Bex Walton/Flickr

A global push to develop climate-resistant coffee

An international partnership is driving innovative coffee breeding to protect coffee farmers from the impacts of climate change.

Jonathan W. Rosen reports for Grist and Roast Magazine.

Keep reading...Show less

Harris narrows potential VP picks to moderates

Vice President Kamala Harris is considering running mates who balance her climate stance with moderate energy policies.

Timothy Cama and Jennifer Yachnin report for E&E News.

Keep reading...Show less

Hollywood misses chance to spotlight climate crisis in blockbusters

Despite the climate emergency, Hollywood films rarely address the issue, focusing instead on pure entertainment.

David Smith reports for The Guardian.

Keep reading...Show less
Flood risk is higher for Indigenous lands in Oklahoma
Credit: Sabine/Pixabay

Flood risk is higher for Indigenous lands in Oklahoma

Oklahoma’s Indigenous communities face flooding risks five times greater than other areas due to forced relocation to flood-prone lands.

Taylar Dawn Stagner reports for Grist.

Keep reading...Show less

The fires in Ruidoso, New Mexico have triggered severe floods

Devastating floods have repeatedly hit Ruidoso, New Mexico, following massive wildfires that destroyed 25,000 acres and nearly 1,000 homes, highlighting the escalating threat of climate change-induced disasters.

Chico Harlan reports for The Washington Post.

Keep reading...Show less
From our Newsroom
climate change flooding

Op-ed: The climate crisis demands a move away from car dependency

Power shutoffs or wildfire evacuations can be deadly for disabled people, especially nondrivers who may not have a way to get to a cooling center or evacuation point.

joe biden

Biden administration unveils plan to wean US government off single-use plastics

“Because of its purchasing power … the Federal Government has the potential to significantly impact the supply of these products.”

chemical recycling

Chemical recycling has an economic and environmental injustice problem: Report

“It wouldn’t even make a dent in the amount of plastic pollution out there.”

carbon capture

30 environmental advocacy groups ask PA governor to veto carbon capture bill

“Putting resources toward carbon capture and storage instead of renewable energy is wasting time we don’t have.”

climate justice

Op-ed: Farmers of color need climate action now. The farm bill is our best hope.

Farmers of color who are leading the charge for regenerative farming, as they have done for generations, need our support now more than ever.

Stay informed: sign up for The Daily Climate newsletter
Top news on climate impacts, solutions, politics, drivers. Delivered to your inbox week days.