Rainforest Action Network

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Rainforest Action Network is an environmental organisation based in California, USA. RAN was founded in 1985 by Randy "Hurricane" Hayes and Mike Roselle, and first gained national prominence in 1987 with a grassroots organising campaign that succeeded in convincing Burger King to cancel $35m worth of destructive Central American rainforest beef contracts.

Protecting forests and challenging corporate power has remained a key focus of RAN’s campaigns ever since, and has taken RAN into campaigns that have led to transformative policy changes across home building, wood purchasing and supplying, automobile, fashion, paper and banking industries.

RAN's Protect An Acre grants help protect millions of acres of forest around the world, by supporting local activists in regaining control of sustainably-managed traditional territories, and fighting against human rights abuses frequently associated with logging, pulp and paper mills, mining and other extractive industries.

Banking on Climate Change

The Banking on Climate Change report is released annually, supported by organisations around the world.

The report grades the largest banks in Europe, the USA, Canada, Australia, Japan and China on their financing of “extreme” fossil fuel companies and projects. These firms are defined as those that profit off the most carbon-intensive fossil fuels: they extract tar sands, Arctic and ultra-deepwater oil, and liquified natural gas. They mine coal and produce coal-fired power.
Analyses are made of how much money the banks have pumped into the top 30 companies operating in each category.

2020 Report[1]

35 global banks have not only been sustaining but expanding the fossil fuel sector with more than $2.7trn since the Paris Climate Agreement in 2015. The top four big US banks - JPMorgan Chase, Wells Fargo, Citi, and Bank of America - account for a staggering 30% of all fossil fuel financing from the 35 major global banks since the Paris Agreement was adopted.

Banks queued up last year, proclaiming support for the Paris Agreement goals, but what they actually do has no relationship with their fine words.

BankTrack-Fossil-Bank.svg    Tar Sands   Arctic Oil   Offshore   Fracking   LNG Export   Coal Mining   Coal Power 
Agricultural Bank of China $16m $349m $1.48bn $— $14m $670m $3.82bn
Bank of America Bank-of-America-2018-horiz.svg $321m $327m $4.60bn $10.94bn $1.72bn $231m $1.67bn
BBVA $24m $126m $1.21bn $353m $388m $146m $210m
Bank of China $38m $355m $1.64bn $215m $110m $2.73bn $4.04bn
Bank of Montreal $1.731bn $— $13m $2.41bn $— $204m $132m
Bank of Nova Scotia $1.56bn $— $859m $3.98bn $1.07bn $96m $525m
Barclays $576m $483m $2.90bn $3.90bn $466m $157m $1.60bn
BNP Paribas $89m $374m $9.19bn $983m $502m $151m $1.05bn
CIBC CIBC-Canadian-Imperial-Bank-of-Commerce.svg $3.22bn $— $— $515m $109m $— $—
China Construction Bank $31m $117m $459m $204m $1m $3.20bn $2.17bn
Citigroup Citigroup-2013.svg $550m $443m $7.15bn $10.06bn $1.71bn $340m $1.41bn
Commerzbank AG $10m $347m $217m $375m $— $158m $79m
Crédit Agricole Credit-Agricole-Group.svg $135m $329m $3.08bn $517m $562m $168m $596m
Credit Suisse Credit-Suisse-Group.svg $83m $249m $1.22bn $1.72bn $228m $210m $1.11bn
Deutsche Bank Deutsche-Bank-horiz.svg $136m $239m $806m $655m $45m $289m $297m
Goldman Sachs Goldman-Sachs-Group-horiz.svg $100m $273m $3.84bn $1.93bn $1.20bn $72m $735m
HSBC HSBC-Holdings.svg $231m $297m $4.53bn $2.05bn $505m $139m $845m
ICBC $90m $367m $1.70bn $657m $111m $1.30bn $4.55bn
ING Groep $7m $218m $— $— $699m $123m $24m
Intesa Sanpaolo SpA $— $40m $115m $— $219m $27m $100
JPMorgan Chase JP-Morgan-Chase-Chase-Bank.svg $2.09bn $377m $6.80bn $10.44bn $1.65bn $318m $1.18bn
Mizuho $160m $330m $3.45bn $3.48bn $2.03bn $123m $1.33bn
Morgan Stanley Morgan-Stanley.svg $214m $226m $3.91bn $2.24bn $1.92bn $154m $619m
MUFG $152m $282m $1.56bn $5.56bn $885m $345m $1.29bn
BPCE/Natixis $2m $5m $1.02bn $320m $762m $— $194m
Royal Bank of Canada $6.20bn $29m $1.19bn $3.46bn $865m $182m $530m
Royal Bank of Scotland Royal-Bank-of-Scotland-Group.svg $3m $120m $72m $28m $— $182m $37m
Santander Santander-Group.svg $30m $156m $2.74bn $194m $963m $157m $101m
Société Générale Societe-Generale.svg $153m $282m $2.29bn $2.18bn $1.26bn $152m $133m
Standard Chartered Standard-Chartered.svg $13m $82m $1.02bn $137m $219m $123m $279m
SMBC Sumitomo-Mitsui-Banking-Corporation.svg $82m $164m $1.94bn $2.70bn $1.19bn $129m $519m
Toronto-Dominion Bank Toronto-Dominion-Bank.svg $5.67bn $377m $126m $3.91bn $45m $96m $236m
UBS UBS-Group.svg $70m $10m $1.26bn $109m $795m $541m $208m
UniCredit SpA UniCredit.svg $— $395m $104m $— $— $151m $100m
Wells Fargo $212m $3m $434m $10.09bn $154m $— $842m

2019 Report[2]

The 10th report totals the financing from 33 global banks of 1,800 companies across the fossil fuel industry. It also documents the funding of fossil fuel expansion by aggregating data on which banks are financing 100 top companies expanding fossil fuels. In addition, the report grades banks’ overall future-facing policies, assessing them on restrictions on financing for fossil fuel expansion and commitments to phaseout of fossil fuel financing on a 1.5°C-aligned trajectory. The top 4 are JP Morgan Chase (68% expansion), Wells Fargo, Citigroup, and Bank of America.ref Report 2019
BankTrack-Fossil-Bank.svg
   Tar Sands   Arctic Oil   UltraDeep   LNG Export   Coal Mining   Coal Power 
Bank of America
Bank-of-America-2018-horiz.svg
$1.21bn $15m $506m $472m $64m $853m
Barclays $1.8bn $19m $196m $7m $95m $1.5bn
BNP Paribas $265m $1.3m $485m $160m $65m $849m
Citigroup
Citigroup-2013.svg
$1.1bn $25m $1.4bn $186m $140m $1.8bn
Crédit Agricole
Credit-Agricole-Group.svg
$59m $39m $439m $243m $55m $597m
Credit Suisse Group +$1.1bn ↑
Credit-Suisse-Group.svg
$543m $4m $94m $377m $1.1bn $939m
Deutsche Bank
Deutsche-Bank-horiz.svg
$406m $41m $368m $77m $678m $389m
Goldman Sachs +$1.2bn ↑
Goldman-Sachs-Group-horiz.svg
$153m $5m $388m $697m $975m $851m
HSBC Holdings +$2.6bn ↑
HSBC-Holdings.svg
$1.4bn $86m $2.5bn $477m $38m $1.1bn
ING Groep $15m $18m $65m $188m $45m $183m
JP Morgan Chase +$4bn ↑
JP-Morgan-Chase-Chase-Bank.svg
$7.3bn $97m $1.6bn $445m $934m $1.3bn
Morgan Stanley
Morgan-Stanley.svg
$42m $16m $1.3bn $954m $90m $540m
Natixis $3m $93m $142m $57m
Santander
Santander-Group.svg
$8m $461m $41m $13m $261m
Société Générale
Societe-Generale.svg
$68m $22m $288m $1.1bn $256m $250m
Standard Chartered +$643mn ↑
Standard-Chartered.svg
$13m $0.5m $748m $109m $80m $353m
UBS Group AG
UBS-Group.svg
$43m $4m $193m $145m $52m $641m
UniCredit SpA
UniCredit.svg
$26m $139m $125m $165m $265m

2018 Report[3]

The news is not good, especially when it comes to US and Canadian banks. Financing for extreme fossil fuels increased 11%, from $104 bn in 2016 to $115 bn in 2017. Three banks ― JP Morgan Chase, Royal Bank of Canada and Toronto-Dominion Bank ― showed the greatest increases in such financing. All tout their commitments to clean energy and environmental protection.

Tar sands received nearly $47bn, an increase of 111%. Liquefied natural gas saw $45bn, with Morgan Stanley heading the gang. Coal: Chinese banks remain the top funders, with Goldman Sachs and Deutsche Bank leading the pack among Western lenders. ref

BankTrack-Fossil-Bank.svg
   Tar Sands   Arctic Oil   UltraDeep   LNG Export   Coal Mining   Coal Power 
Bank of America
Bank-of-America-2018-horiz.svg
$1.21bn $15m $506m $472m $64m $853m
Barclays $1.8bn $19m $196m $7m $95m $1.5bn
BNP Paribas $265m $1.3m $485m $160m $65m $849m
Citigroup
Citigroup-2013.svg
$1.1bn $25m $1.4bn $186m $140m $1.8bn
Crédit Agricole
Credit-Agricole-Group.svg
$59m $39m $439m $243m $55m $597m
Credit Suisse Group +$1.1bn ↑
Credit-Suisse-Group.svg
$543m $4m $94m $377m $1.1bn $939m
Deutsche Bank
Deutsche-Bank-horiz.svg
$406m $41m $368m $77m $678m $389m
Goldman Sachs +$1.2bn ↑ Goldman-Sachs-Group-horiz.svg $153m $5m $388m $697m $975m $851m
HSBC Holdings +$2.6bn ↑
HSBC-Holdings.svg
$1.4bn $86m $2.5bn $477m $38m $1.1bn
ING Groep $15m $18m $65m $188m $45m $183m
JP Morgan Chase +$4bn ↑ $7.3bn $97m $1.6bn $445m $934m $1.3bn
Morgan Stanley $42m $16m $1.3bn $954m $90m $540m
Natixis $3m $93m $142m $57m
Santander $8m $461m $41m $13m $261m
Société Générale $68m $22m $288m $1.1bn $256m $250m
Standard Chartered +$643mn ↑ $13m $0.5m $748m $109m $80m $353m
UBS Group AG $43m $4m $193m $145m $52m $641m
UniCredit SpA $26m $139m $125m $165m $265m

Campaigns

Forests

Report "Paper Promises",

Climate

References

  1. ^ Banking on Climate Change: Fossil Fuel Finance Report 2020. The new Report shows financial support for the Fossil Fuel Industry has increased every year since the Paris Agreement was adopted in Dec.2015. Again, the big USA banks dominate; again, JPMorgan Chase leads the pack, with Wells Fargo, Citigroup, and Bank of America close on their heels. These 4 banks alone are responsible for 30% of all fossil fuel financing out of the 35 major global banks since the Paris Agreement was adopted. Rainforest Action Network, Mar.20.2019.
  2. ^ Banking on Climate Change: Fossil Fuel Report Card 2019. Big USA banks dominate fossil fuel financing; JPMorgan Chase leads the pack. Others are Royal Bank of Canada, Barclays, Japan's MUFG Bank, and Bank of China. The report also grades banks’ future policies, assessing them on restrictions on financing for fossil fuel expansion and commitments to phase out fossil fuel financing on a 1.5°C-aligned trajectory. Overall, most have simply failed. Rainforest Action Network, Mar.20.2019.
  3. ^ Banking on Climate Change Report 2018. The 9th annual fossil fuel finance report card shows how big banks continue to fund the climate crisis. Rainforest Action Network, Mar.28.2018.