General

Coal is the worst. But US banks still love it

Ignore the green hype, the US banks are still ploughing billions into coal

Here’s three things that are true:

  1. There’s no question, coal is the dirtiest fossil fuel, pound for pound. It releases more damaging substances into the air than oil or gas.
  2. Banks around the world keep saying they’re “committed to a green sustainable future”
  3. Banks, especially US banks, are continuing to lend billions or dollars per year to companies creating NEW coal mines.

Spot an issue? Join the club.

A new report from Reclaim Finance is exposing that US banks are cutting the brakes and ploughing billions into new coal. This is despite all the science showing that there can be NO NEW FOSSIL FUELS extracted from the Earth, to keep to a safe world. That’s right, the US banks are destroying the world, to chase short term cash.

Whilst most banks around the world are taking steps to try and reduce coal funding, US banks have provided US$207 billion to the coal industry, with US$40 billion to coal developers, from 2019 until November 2021. And that’s JPMorgan Chase, Citigroup, Bank of America, Morgan Stanley, and Goldman Sachs alone.

To make the BS smell even worse, these banks are all members of the NZBA, a group of financial institutions “committed” to going net zero by 2050. In fact, right after joining the NZBA, Citi provided two loans of US$503 million each to Japanese coal power giant Mitsubishi, which is currently developing the controversial Vung Ang II 1200 MW coal plant in Vietnam. This is why activists are targeting banks like Citi with all sorts of fun disruptions.

 


“US banks are leading us to climate disaster. Their unrelenting support to developers of new coal projects is reckless. By continuing to finance new coal mines, power plants, and infrastructure, they are jeopardizing our chances at building a breathable future. In light of ongoing extreme climate events, they cannot afford to lose any more time and must urgently walk the talk and stop financing coal expansion.” – Lucie Pinson, CEO of Reclaim Finance

They’ll chase a dollar regardless of the impact. The US banks are continuing to fund Vladimir Putin’s fossil fuel companies, the same companies that fill his tanks with oil. Just this week, US senators challenged JP Morgan and Citi on their ongoing funding of Vladimir Putin’s war, and it made for delicious watching:

 

This is how we should be treating US bank CEOs, they should be openly questioned, and shut down when they lie. US banks are funding our destruction. They must be stopped. 

Share this post:

Share on Pinterest Share on LinkedIn