Bankrolling Climate Change: a look into the portfolios of the world’s largest banks
urgewald, groundwork, earthlife africa Johannesburg and Bank Track 2011
This report examines commercial banks’ lending for the coal industry and provides the first comprehensive climate ranking for financial institutions. The report examines the portfolios of 93 of the world’s leading banks and looks into their support for 31 major coal-mining companies and 40 producers of coal-fired electricity. The total value of coal financing provided by these banks since 2005 (the year the Kyoto Protocol came into force) amounts to 232 billion Euro. The study identifies the top twenty “climate killers” in the banking world. Among the top twenty are banks from the United States, the United Kingdom, Germany, France, Switzerland, China, Italy and Japan. This analysis finds that the top three banks fuelling climate change worldwide are JP Morgan Chase (EUR 16,5 bio.), Citi (EUR 13,7 bio.) and Bank of America (EUR 12,6 bio.).