JPMorgan Chase was named the biggest fossil fuel financier in the world, having increased its financing from $38.9bn in 2022 to $40.8bn in 2023.
It ranked among the worst banks in terms of financing to companies involved in fossil fuel expansion. It was also one of the biggest financiers of: racked oil and gas; Amazon oil and gas; and methane gas power.
Barclays was labelled the number one fossil fuel funder in Europe, lending $24.5bn in 2023 up from $16.58bn in 2022.
It was singled out for financing what the report describes as ‘deadly’ coal power plants in the United States, despite high profile climate commitments.
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Surprisingly this headline question is the exception to the rule where the answer is always no. In this case it is "yes.
Do not use a bank. Use a credit union. As a member of a credit union, you have a say in what it funds. You are not beholden to a major corporation that is using your account to earn profits without your say.
There are many other good reasons too. Even the government thinks they’re a good idea.
https://mycreditunion.gov/about-credit-unions/credit-union-different-than-a-bank
https://mightydeposits.com/posts/environmentally-friendly-banks
You need to do more than simply use a credit union. Of the over four thousand banks in america, only 13 dont invest in fossil fuel at all. Fossil fuel lending is so ubiquitous you need to be very very careful and skeptical to avoid it.
That’s why you study who is on the board of your credit union and vote them out come election time if they do that. Most people do not take an active interest in doing that with their credit union though.
Any idea what the difference between sustainable and no fossil fuel investment is?
That means its a B corp or GABV member, from the site
B-Corp Banks: Certified B-Corporations are businesses “that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose.” B-Corp banks are one option for people interested in a bank that aims to use its money and power as a force for good.
Global Alliance for Banking on Values (GABV) Members: The GABV is a network of financial institutions that use “finance to deliver sustainable economic, social, and environmental development.” Banks and credit unions in the GABV take a triple-bottom-line approach and serve as values-based banking options. Browse all B-Corp or GABV banks. Browse all GABV credit unions.
But there’s only 14 of them so honestly it’s the same list.
Thanks. Unfortunately with B corporations, it’s self reported and a lot of the measurements are vague.
