Undermining our future
On 5 november 2015, the FFGI launched a flagship study of banks’ investments in selected companies attributable to fossil fuels and renewable energy. The report analysed 75 financial institutions in total and was published less than a month before the beginning of the United Nations Climate Summit in Paris (COP21). The report stated that the world's 25 largest private sector banks channelled at least USD 931 billion into fossil fuel companies in the period 2009-2014, while over the same period the banks’ financing of renewable energy totalled USD 98 billion.
The FFGI network was able to show the alarming priority that banks have been giving to dirty energy over clean energy since 2009 (Copenhagen climate summit). Up to the end of 2014, for every dollar the banks have channelled into renewable energy, they’ve provided more than USD 9 in fossil fuels.
Who are the largest fossil banks
- Three US banks Citi, JPMorgan Chase and Bank of America are the largest fossil banks.
- Between 2009 and 2014, Citi and JPMorgan Chase each provided over USD 76 billion to fossil fuel companies and only USD 6.5 billion and USD 4.4 billion respectively to renewable energy.
- Bank of America provided USD 62.7 billion to fossil fuel companies, and only USD 5.4 billion to renewable energy.
- Of the broader ‘top ten’ institutions, including well-known French, German, UK and Japanese banks, individual renewable energy investment totals nowhere exceeded USD 7.5 billion for the period 2009-2014.