Corporations are bankrolling the Climate Crisis.
According to the United Nations, we have less than 10 years to cut emissions in half and get on track to stop the worst impacts of the climate crisis. Despite this urgency, our research reveals that the world’s biggest banks are continuing to fuel climate change at a rate that will push us beyond repair. 35 banks have spent $2.7 trillion on fossil fuels since the Paris Agreement, a global commitment to stop climate change. All major global banks have failed to seriously address the damage they’re doing to the climate because it’s too profitable.
Big banks have been making billions of dollars from bankrolling fossil fuels and continuing to ignore the impacts of the reckless financing of fossil fuels on people and planet – more heat records broken, extreme weather disasters, and communities put in harm’s way.
Simply put: If banks keep bankrolling fossil fuels at this rate, there will be no turning back from the climate crisis.
Global banks & insurers must defund climate change.
There’s no alternative and no time to spare, big banks must defund climate change for good.
Banks are capable of changing course and have. We’ve seen massive corporations and banks shift gears to projects that put people and planet over profit. Not only can they do it, but this is what needs to be done to ensure a livable future.
RAN supporters and partners have moved banks to defund the coal industry by exposing coal as the bad investment it is for people, planet, and now banks. A total of 53 global banks have put in place new policies to move away from coal, but it’s not enough to sustain a liveable future.
To achieve this, we’re taking on the world’s #1 banker of fossil fuels, JPMorgan Chase, and demanding it defund the climate crisis by rapidly moving away from all fossil fuels and making way for a just clean energy transition.
The insurance industry literally has the power to change the world by withholding insurance from any new fossil fuel projects. In the midst of the climate emergency, Liberty Mutual is insuring new tar sands pipelines, coal mines, and oil rigs, expanding fossil fuel extraction, and trampling on Indigenous rights.