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Last year, 195 countries came together in Paris to forge a new path forward on climate change. 

The Paris Agreement was signed with a goal of holding climate change below 1.5°C above pre-industrial levels. While countries make commitments, the financial sector continues to finance risky, environmentally destructive sectors of the fossil fuel industry. In Shorting the Climate, the new report from RAN, BankTrack, Sierra Club and Oil Change International, we’re calling on the global banking sector to end its support for these dangerous sectors: coal mining, coal power, extreme oil (tar sands, Arctic, and ultra-deepwater oil), and liquefied natural gas (LNG) export.

 

 

The global banking sector has to stop #shortingtheclimate with extreme fossil fuels. Add your name:
See how the banks stacked up
  • Grade
    U.S.A.
    Bank of AmericaB-
    CitigroupB-
    JPMorgan ChaseB-
    Morgan StanleyB-
    PNC FinancialB-
    Wells FargoB-
    Goldman SachsC-
    Canada
    TD Bank-
    Canadian Imperial Bank of Commerce-
    Bank of MontrealD-
    Royal Bank of CanadaD-
    ScotiabankF
    Europe
    BPCE/NatixisB-
    Crédit AgricoleB-
    Royal Bank of ScotlandB-
    BNP ParibasC+
    INGC+
    Société GénéraleC+
    UBSC+
    BarclaysC-
    Credit SuisseC-
    Deutsche BankC-
    HSBCD
    UnicreditD
    SantanderD-
    Bank League Tables
    U.S.A.
    Goldman Sachs$ 5.67B
    Bank of America$ 3.92B
    Citigroup$ 3.80B
    JPMorgan Chase$ 2.65B
    PNC Financial$ 2.23B
    Wells Fargo$ 1.71B
    Morgan Stanley$ 1.55B
    Canada
    Bank of Montreal$ 0.76B
    Royal Bank of Canada$ 0.02B
    Scotiabank$ 0.01B
    TD Bank$ 0B
    Canadian Imperial Bank of Commerce$ 0B
    Europe
    Deutsche Bank$ 6.73B
    BNP Paribas$ 3.32B
    Credit Suisse$ 1.98B
    HSBC$ 1.46B
    UBS$ 1.16B
    Barclays$ 1.11B
    Crédit Agricole$ 1.01B
    Société Générale$ 0.96B
    Royal Bank of Scotland$ 0.86B
    ING$ 0.61B
    Unicredit$ 0.31B
    BPCE/Natixis$ 0.29B
    Santander$ 0.19B
  • Grade
    U.S.A.
    JPMorgan ChaseC
    Morgan StanleyC
    Goldman SachsC
    CitigroupD+
    PNC FinancialD+
    Bank of AmericaD
    Wells FargoD
    Canada
    TD BankD-
    Bank of MontrealD-
    Royal Bank of CanadaD-
    Canadian Imperial Bank of CommerceF
    ScotiabankF
    Europe
    BPCE/NatixisB-
    Royal Bank of ScotlandB-
    BNP ParibasB-
    INGC+
    Crédit AgricoleC
    Société GénéraleC
    HSBCC
    Deutsche BankD+
    BarclaysD
    UBSD
    UnicreditD-
    Credit SuisseD-
    SantanderD-
    Bank League Tables
    U.S.A.
    Citigroup$ 24.06B
    JPMorgan Chase$ 13.41B
    Bank of America$ 10.85B
    Wells Fargo$ 7.62B
    Morgan Stanley$ 6.59B
    PNC Financial$ 0.51B
    Goldman Sachs$ 3.00B
    Canada
    Royal Bank of Canada$ 7.93B
    Scotiabank$ 5.38B
    Bank of Montreal$ 0.96B
    Canadian Imperial Bank of Commerce$ 0.18B
    TD Bank$ 0.06B
    Europe
    Barclays$ 13.44B
    Royal Bank of Scotland$ 10.11B
    BNP Paribas$ 6.44B
    Deutsche Bank$ 6.19B
    Credit Suisse$ 5.14B
    ING$ 4.91B
    Société Générale$ 4.45B
    UBS$ 4.35B
    Crédit Agricole$ 4.18B
    HSBC$ 3.97B
    Unicredit$ 3.65B
    Santander$ 3.25B
    BPCE/Natixis$ 3.22B
  • Grade
    U.S.A.
    PNC Financial-
    Wells FargoD+
    CitigroupD+
    JPMorgan ChaseD
    Goldman SachsD
    Morgan StanleyD-
    Bank of AmericaD-
    Canada
    TD BankD-
    Bank of MontrealD-
    Royal Bank of CanadaD-
    Canadian Imperial Bank of CommerceF
    ScotiabankF
    Europe
    Royal Bank of ScotlandC
    Crédit AgricoleC
    INGC
    BNP ParibasD
    HSBCD
    UBSD
    Credit SuisseD
    Société GénéraleD-
    BarclaysD-
    SantanderD-
    Deutsche BankD-
    BPCE/NatixisF
    UnicreditF
    Bank League Tables
    U.S.A.
    JPMorgan Chase$ 37.77B
    Bank of America$ 24.85B
    Morgan Stanley$ 23.57B
    Citigroup$ 23.37B
    Goldman Sachs$ 13.16B
    Wells Fargo$ 6.05B
    PNC Financial$ 0.00B
    Canada
    Royal Bank of Canada$ 33.97B
    Canadian Imperial Bank of Commerce$ 11.60B
    Bank of Montreal$ 6.11B
    Scotiabank$ 4.11B
    TD Bank$ 3.86B
    Europe
    Barclays$ 26.49B
    HSBC$ 24.11B
    BNP Paribas$ 14.68B
    Deutsche Bank$ 14.55B
    Royal Bank of Scotland$ 9.84B
    Société Générale$ 8.31B
    Credit Suisse$ 4.86B
    Crédit Agricole$ 4.66B
    UBS$ 4.43B
    Santander$ 3.47B
    Unicredit$ 1.52B
    ING$ 0.78B
    BPCE/Natixis$ 0.65B
  • Grade
    U.S.A.
    CitigroupD
    PNC FinancialD-
    JPMorgan ChaseD-
    Goldman SachsD-
    Morgan StanleyD-
    Bank of AmericaD-
    Wells FargoD-
    Canada
    TD BankD-
    Bank of MontrealD-
    Royal Bank of CanadaD-
    Canadian Imperial Bank of CommerceF
    ScotiabankF
    Europe
    Crédit AgricoleD
    Royal Bank of ScotlandD-
    INGD-
    HSBCD-
    UBSD-
    Credit SuisseD-
    Société GénéraleD-
    BarclaysD-
    SantanderD-
    Deutsche BankD-
    BNP ParibasF
    BPCE/NatixisF
    UnicreditF
    Bank League Tables
    U.S.A.
    JPMorgan Chase$ 30.58B
    Bank of America$ 29.61B
    Citigroup$ 25.89B
    Morgan Stanley$ 19.23B
    Wells Fargo$ 13.33B
    Goldman Sachs$ 11.69B
    PNC Financial$ 0.18B
    Canada
    Scotiabank$ 10.45B
    Royal Bank of Canada$ 9.53B
    TD Bank$ 1.29B
    Canadian Imperial Bank of Commerce$ 0.59B
    Bank of Montreal$ 0.13B
    Europe
    Barclays$ 26.33B
    HSBC$ 21.29B
    Deutsche Bank$ 15.69B
    BNP Paribas$ 14.72B
    Royal Bank of Scotland$ 14.50B
    Credit Suisse$ 9.00B
    Société Générale$ 7.47B
    Crédit Agricole$ 6.68B
    UBS$ 5.55B
    ING$ 2.93B
    Santander$ 2.82B
    BPCE/Natixis$ 1.98B
    Unicredit$ 1.02B
  • Grade
    U.S.A.
    JPMorgan ChaseD+
    CitigroupD+
    Goldman SachsD+
    Morgan StanleyD+
    PNC FinancialD-
    Bank of AmericaD-
    Wells FargoD-
    Canada
    ScotiabankD+
    TD BankD-
    Bank of MontrealD-
    Canadian Imperial Bank of CommerceD-
    Royal Bank of CanadaD-
    Europe
    Royal Bank of ScotlandD+
    INGD+
    HSBCD+
    UBSD+
    Credit SuisseD+
    Société GénéraleD+
    BarclaysD+
    SantanderD+
    Deutsche BankD+
    BNP ParibasD+
    UnicreditD+
    Crédit AgricoleD-
    BPCE/NatixisF

Big banks are shorting the climate - at what cost?

In finance industry terms, “short-selling,” or shorting, is a transaction through which an investor profits if a company or asset declines in value. After Paris, financing fossil fuels is tantamount to shorting the climate. Financial institutions that support business-as-usual for the fossil fuel industry are placing their bets on companies whose long-term success depends on runaway climate change. If governments follow through on the Paris Agreement and enact policies to limit warming to 1.5 or even 2°C, investments in future coal infrastructure, LNG terminals, and extreme oil projects will be deeply unprofitable. And while banks and investors may be able to wring fees and profits from fossil fuel companies over the short term, they will do so at the expense of some of the most vulnerable communities on the planet who live in or near fossil fuel “sacrifice zones” around the world.

Banks funding fossil fuel business-as-usual are betting that the world won't stop #climatechange #shortingtheclimate

When the profits of financial institutions come at the expense of communities, ecosystems, and the atmosphere, it is past time for them to change.

Ironically, the continued financing of fossil fuels is also becoming a risky strategy for banks, even on purely self-interested grounds. With a grassroots global climate movement gaining strength daily, the unprecedented pressure on global political leaders to act on climate and transition away from fossil fuel-based energy will only grow in strength and urgency in the coming years. And by 2050, rising sea levels are on track to submerge parts of Lower Manhattan, along with the rest of New York City. We hope, for everyone’s sake, that it will not take water seeping into the lobbies of Wall Street office towers at mid-century for executives at banks and other financial institutions to understand that when it comes to climate change, their fates are bound up with everyone else’s.

Bank profits shouldn’t come at the expense of communities, ecosystems, and the atmosphere. #shortingtheclimate

Say no to big banks pouring hundreds of billions into the fossil fuels that are most incompatible with a climate-stable world.

Or, read the petition here.

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Credits:

TOP IMAGE: Deepwater Horizon
PHOTO: U.S. COAST GUARD

2ND FROM TOP: Hurricane
PHOTO: NASA EARTH OBSERVATORY

3RD FROM TOP: Coal Trucks, Indonesia
PHOTO: ALEX DOUKAS / OIL CHANGE INTERNATIONAL

4TH FROM TOP: MTR, West Virginia
PHOTO: (c) PAUL CORBIT BROWN

BOTTOM IMAGE: Shell NO!
PHOTO: MATT MAIORANA / OIL CHANGE INTERNATIONAL