How Wall Street enables the fossil fuel companies cooking our planet

Many big banks try to present a green image, but the largest banks in the world are the ones abetting polluters

https://www.salon.com/2024/06/03/how-wall-street-enables-the-fossil-fuel-companies-cooking-our-planet/

"Banks continue to fund oil and gas development in the U.S. and around the world, even as it's crystal clear that these kind of projects are incompatible with a stable climate and a safe future," O'Hanlon, who works as Sunrise Movement's communications director, told Salon. "Essentially banks are betting against us stopping the climate crisis and our generation having a livable future."

"The International Energy Agency, among numerous other globally recognized expert bodies, has repeatedly affirmed the need to end fossil fuel expansion in order to prevent catastrophic climate change," Shraiman continued. "Banks have a central role in reaching this goal by ending financing for companies expanding fossil fuel production and instead deploying financing toward renewable energy and other much-needed climate solutions." She recommended that consumers learn about their bank's own responsibility in climate change by visiting a website that exists for that purpose.

"The Banking on Climate Chaos report is the preeminent annual report tracking the fossil fuel financing of the world’s 60 largest banks, including financing for the most polluting sectors from coal mining to Arctic oil and gas," said Shraiman. "The most recent edition of the report found that in 2023 alone, these banks poured over $700 billion into fossil fuels."

Fortunately, ordinary citizens are not helpless in addressing this crisis. Dr. Peter Kalmus, a NASA climate scientist who emphasized to Salon he speaks only for himself, said that "these evil banks that are killing the planet are headquartered on Wall Street." As a result, various climate groups plan on organizing a campaign known as Summer of Heat to shed light on how these banks are providing fossil fuel companies with the financial lifeblood they need to continue overheating the planet. "The more people who join in the protests, the more we will get done! We're planning a protest party that should last for most of the summer."