The Fossil Fuel Finance Report Card 2017 has shown that in 2016, the first calendar year since the signing of the Paris Climate Agreement, funding for extreme fossil fuels from 37 of the largest private banks in North America, Europe, Japan, China, and Australia dropped by 22% from the previous year.
ʺThese 37 major banks funnelled nearly USD 87 billion in 2016 to the extraction, processing, and burning of extreme fossil fuels at top companies. This number is a sharp decline from bank funding in 2015 (USD 111 billion) and is also lower than 2014 (USD 92 billion),ʺ according to the Fossil Fuel Finance Report Card 2017, prepared by BankTrack, Rainforest Action Network (RAN), Oil Change International, and Sierra Club.
ʺWhile this 22% drop over the previous year is a move in the right direction, the USD 290 billion of direct and indirect financing for extreme fossil fuels over the last three years represents new investment in the exact subsectors where expansion is most at odds with reaching climate targets, respecting human rights, and preserving ecosystems,ʺ stressed the report.
The report also noted that ʺwith no room in the global carbon budget for new coal, as well as a need for winding down existing coal plants, it is worrying that financing for coal power has been on an upward trend in the last three years. Overall, big banks financed USD 74.71 billion of coal power, led by China Construction Bank and its three other Chinese peers, with JPMorgan Chase as the top Western banker of coal powerʺ.
ʺWhile this steep drop in funding is encouraging, it is vital that this is not just a temporary decline, but the start of a rapid phaseout. Meeting the Paris Agreement’s target of staying well under a 2° Celsius increase in global temperature — while aiming for no more than 1.5° of change — requires a complete halt to all financing of new extreme fossil fuel extraction and infrastructure,ʺ added the Fossil Fuel Finance Report Card 2017.
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16.08.2017, IMEAS Communication team