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JP Morgan Named Top Fossil Fuel Funder

US bank JP Morgan was the world’s top funder of fossil fuel companies in 2023, providing US$40.5 billion to the sector, a survey by a group of non-profits including the Sierra Club has found. Japan’s Mizuho Bank and Bank of America respectively came second and third in the ranking. Over 2023, the world’s largest 60 banks provided US$705 billion in funding to fossil fuel companies. This brought total bank funding of fossil fuels since the Paris Agreement was signed in late 2015 to US$6.9 trillion. US bank Citibank has been the most prolific funder of carbon-polluting companies, having channelled US$204 billion into fossil fuels since 2016. The report found funding of coal mining and liquefied natural gas increased year-on-year in 2023, hitting US$42.5 billion for coal and US$120.9 billion for gas. However, funding of coal- and gas-fired power, fracking, tar sands oil, and projects in the Arctic and Amazon fell – as did funding of fossil fuel expansion projects. “Major banks have squandered yet another year to take decisive and ambitious action on climate,” said report co-author Adele Shraiman, Senior Strategist for the Sierra Club’s Fossil-Free Finance campaign. “The clean energy transition is happening in spite of Wall Street laggards, but the question now is whether they will respond to the growing pressure from investors, customers, regulators, and frontline communities to do what the science and justice demand.”

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