A bombshell Sierra Club report reveals that major American financial institutions are bankrolling Big Oil with hundreds of billions of dollars.

Despite making net-zero pledges, big banks fund emissions, undermine our climate goals and deepen our environmental crisis.

Fascinating story about a Wall Street bank using one of its philanthropic programs as a shadow lobbying campaign against regulations.

This is quite a vignette: bank organizes meeting, writes talking points, Senator cites meeting in a hearing with regulators the very same day.

The Biden administration announced Thursday it will end coal leasing on federal lands in the Powder River Basin, which produces nearly half the coal in the United States. wapo.st/3Vdy6nf

A second Biden term might be able to break the hold of fossil fuel’s political influence. Another term of Donald Trump offers an entirely opposite outcome: “climate chaos combined with continued fossil-fuel dependence,” Bill McKibben writes. nyer.cm/4htz5yT

Sierra Club applauds Treasurer Michael Frerichs Michael Frerichs for holding Exxon accountable for its extreme efforts to silence climate-concerned shareholders, and we urge other investors to follow the lead of IL & other states that are standing up to corporate intimidation.

🎉 WIN: BNP Paribas Group, EU’s biggest bank, will stop underwriting bonds for oil and gas producers!!

They're the FIRST Global Systemically Important Bank (G-SIB) to stop oil & gas bond facilitation.

When will Barclays Bank, HSBC, Citi and others follow?

bloomberg.com/news/articles/…

Big banks have made little progress in transitioning investments from fossil fuels to renewable energy.

As the latest #BankingOnClimateChaos report shows, they poured $705 BILLION into fossil fuels in 2023.

The climate crisis will not wait for banks to get their act together.

Today, BlackRock shareholders failed to hold BlackRock accountable on #climate . The majority of shareholders voted against a measure to encourage BLK to assess its climate-related proxy voting & voted to approve an oil exec's appointment to the board.

sierraclub.org/press-releases…

Vanguard has announced that Salim Ramji, a former BlackRock executive, will take over as CEO in July.

As an outsider takes the helm for the first time in Vanguard's history, this is an opportunity for the asset manager to change course on climate change.
vanguard-sos.com/statements-in-…

It’s not just Florida and California anymore: As climate shocks get worse, the homeowners insurance market is starting to buckle around the country. nytimes.com/interactive/20…

Thank you Senator Brian Schatz, Rep. Sean Casten, Senator Tina Smith & Rep. Juan Vargas for calling on the U.S. Securities and Exchange Commission to finalize ESG funds rule to prevent investment funds and advisers from using misleading marketing and advertising tactics to sell ESG investment funds.

casten.house.gov/media/press-re…

NEWS: I’m urging @SECgov to finalize their ESG funds disclosure rulemaking to allow for more transparency and give investors the ability to make informed decisions.

casten.house.gov/media/press-re…

🆕 BNP Paribas Group leads the way by stating during its AGM today that it refrains from participating in bond issues for oil & gas companies.
💪 We encourage the bank to formalize this approach by including it in its climate policy and to extend it to other financial services.

US banks were the biggest financiers of the fossil fuel industry, contributing 30% of the total $705bn provided in 2023, the report found. JP Morgan Chase gave the most of any bank in the world, providing $40.8bn to fossil fuel companies in 2023, while Bank of America came in

The Banking on Climate Chaos report is clear—banks are gambling our future on investments that fuel the climate crisis. In 2023, banks invested more than $700 billion in fossil fuels despite net-zero commitments. Let’s pass my Fossil Free Finance Act now. theguardian.com/environment/ar…

BREAKING! Big banks poured a staggering $705 BILLION into fossil fuels in 2023 alone. The new #BankingOnClimateChaos report reveals just how complicit these banks are in the climate crisis.

See where your bank falls at the 🔗
bankingonclimatechaos.org

The world’s biggest banks have provided a total of $6.9tn to the fossil fuel industry in the eight years since the Paris climate accord, and about $705bn in financing in 2023 alone. on.ft.com/3K01d6W

Methane gas (aka LNG) is the fastest-growing fossil fuel sector in the world. Financing increased from $116 billion (2022) to almost $121 billion (2023.)

Beware of industry TPs, LNG is not a 'bridge fuel' it is a risky & polluting fossil fuel, which puts #netzero out of reach.

Bank of America opted to scrap its existing policies, making it the ONLY major U.S. bank without restrictions on financing Arctic drilling, thermal coal mining, and coal-fired power plants.

The oilgaspolicytracker.org & coalpolicytool.org in the report have more:

Citi is the worst funder of fossil fuel expansion, with $204B since Paris (and $14B just in 2023!)

International Energy Agency says fossil expansion makes #netzero impossible, but Citi is still at it...