Rainforest Action Network
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.
- Rainforest Action Network
- BankTrack
- Indigenous Environmental Network
- Sierra Club
- Oil Change International
- Honor the Earth
- Reclaim Finance
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]
Banks queued up last year, proclaiming support for the Paris Agreement goals, but what they actually do has no relationship with their fine words.
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 | $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 | $3.22bn | $— | $— | $515m | $109m | $— | $— | |
China Construction Bank | $31m | $117m | $459m | $204m | $1m | $3.20bn | $2.17bn | |
Citigroup | $550m | $443m | $7.15bn | $10.06bn | $1.71bn | $340m | $1.41bn | |
Commerzbank AG | $10m | $347m | $217m | $375m | $— | $158m | $79m | |
Crédit Agricole | $135m | $329m | $3.08bn | $517m | $562m | $168m | $596m | |
Credit Suisse | $83m | $249m | $1.22bn | $1.72bn | $228m | $210m | $1.11bn | |
Deutsche Bank | $136m | $239m | $806m | $655m | $45m | $289m | $297m | |
Goldman Sachs | $100m | $273m | $3.84bn | $1.93bn | $1.20bn | $72m | $735m | |
HSBC | $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 | $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 | $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 | $3m | $120m | $72m | $28m | $— | $182m | $37m | |
Santander | $30m | $156m | $2.74bn | $194m | $963m | $157m | $101m | |
Société Générale | $153m | $282m | $2.29bn | $2.18bn | $1.26bn | $152m | $133m | |
Standard Chartered | $13m | $82m | $1.02bn | $137m | $219m | $123m | $279m | |
SMBC | $82m | $164m | $1.94bn | $2.70bn | $1.19bn | $129m | $519m | |
Toronto-Dominion Bank | $5.67bn | $377m | $126m | $3.91bn | $45m | $96m | $236m | |
UBS | $70m | $10m | $1.26bn | $109m | $795m | $541m | $208m | |
UniCredit SpA | $— | $395m | $104m | $— | $— | $151m | $100m | |
Wells Fargo | $212m | $3m | $434m | $10.09bn | $154m | $— | $842m |
2019 Report[2]
Tar Sands | Arctic Oil | UltraDeep | LNG Export | Coal Mining | Coal Power | ||
---|---|---|---|---|---|---|---|
Bank of America | $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 | $1.1bn | $25m | $1.4bn | $186m | $140m | $1.8bn | |
Crédit Agricole | $59m | $39m | $439m | $243m | $55m | $597m | |
Credit Suisse Group +$1.1bn ↑ | $543m | $4m | $94m | $377m | $1.1bn | $939m | |
Deutsche Bank | $406m | $41m | $368m | $77m | $678m | $389m | |
Goldman Sachs +$1.2bn ↑ | $153m | $5m | $388m | $697m | $975m | $851m | |
HSBC Holdings +$2.6bn ↑ | $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 |
2018 Report[3]
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
Tar Sands | Arctic Oil | UltraDeep | LNG Export | Coal Mining | Coal Power | ||
---|---|---|---|---|---|---|---|
Bank of America | $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 | $1.1bn | $25m | $1.4bn | $186m | $140m | $1.8bn | |
Crédit Agricole | $59m | $39m | $439m | $243m | $55m | $597m | |
Credit Suisse Group +$1.1bn ↑ | $543m | $4m | $94m | $377m | $1.1bn | $939m | |
Deutsche Bank | $406m | $41m | $368m | $77m | $678m | $389m | |
Goldman Sachs +$1.2bn ↑ | $153m | $5m | $388m | $697m | $975m | $851m | |
HSBC Holdings +$2.6bn ↑ | $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
- Palm Oil:
- https://www.ran.org/issue/forests/#palm_oil_intro,
- https://www.ran.org/the-understory/ag_eoy_2017/, PepsiCo + Indofood
- Snack Food 20 Scorecard, https://act.ran.org/sf20scorecard (2015)
- Snack Food 20, https://www.ran.org/issue/palm_oil/
- The Laggards of the Snack Food 20: Toyo Suisan Kaisha Ltd, Nissin Foods, Tyson Foods Inc, PepsiCo, Roundtable on Sustainable Palm Oil
- Pulp and Paper: https://www.ran.org/out_of_fashion
- Responsible Food Systms: https://www.ran.org/responsible_food_systems
- Forests and Finance: https://www.ran.org/issue/forests/
Report "Paper Promises",
Climate
- Unbankable Coal, https://www.ran.org/issue/coal/
- Keystone XL & Tar Sands, https://www.ran.org/kxl
- Banks and Climate, https://www.ran.org/banks_and_climate
- Climate Action Fund, http://www.ran.org/climate_action_fund
- Fracked-Gas Terminals, https://www.ran.org/issue/lng/
- JP Morgan Chase Out of Tar Sands, https://www.ran.org/the-understory/chaseagmreportback/
- Report "A Bridge to Nowhere": LNG is not better than coal wrt climate change, https://www.ran.org/wp-content/uploads/rainforestactionnetwork/pages/17026/attachments/original/1478634931/LNG_Report_Updated_11.7.pdf?1478634931
- Report "Chasing Destruction: JP Morgan Chase", https://www.ran.org/wp-content/uploads/2018/08/206_Spring_2018_vF.pdf
References
- ^ 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.
- ^ 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.
- ^ 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.