For the first time since 2019, a Canadian bank is the world’s worst financier of fossil fuels, dethroning serial fossil-fuel funder and U.S. bank JP Morgan Chase. Royal Bank of Canada (RBC) provided USD 42.1 billion for fossil fuel projects in 2022, including USD 4.8 billion for tar sands and USD 7.4 billion for fracking. Canadian banks are becoming the banks of last resort for fossil fuels, providing USD 862 billion to fossil fuel companies since the adoption of the Paris Agreement. Overall, U.S. banks dominate fossil fuel financing, accounting for 28% of all fossil fuel financing in 2022. JPMorgan Chase remains the world’s worst funder of climate chaos since the Agreement. Citi, Wells Fargo, and Bank of America are still among the top 5 fossil financiers since 2016.
www.bankingonclimatechaos.org/