Banks fuelled over £123bn into ‘carbon bomb’ projects

Banks fuelled over £123 billion ($150 billion) into companies with “carbon bomb” projects in 2022.

The Guardian revealed the carbon bombs – 425 extraction projects that can each pump more than one gigaton of carbon dioxide into the atmosphere – together hold enough coal, oil and gas to burn through the rapidly dwindling carbon budget four times over.

At the top of the list is JPMorgan Chase, which financed $141.8bn into companies operating carbon bombs since the Paris Agreement.

Subscribe to Sustainability Beat for free

Sign up here to get the latest sustainability news sent straight to your inbox everyday

HSBC fuelled $62.1 billion and Barclays $54.4 billion.

In response to the findings, a JPMorgan Chase spokesperson said: “We provide financing all across the energy sector: supporting energy security, helping clients accelerate their low-carbon transitions and increasing clean energy financing with a target of $1 trillion for green initiatives by 2030.

“We are taking pragmatic steps to meet our 2030 emission intensity reduction targets in the six sectors that account for the majority of global emissions, while helping the world meet its energy needs securely and affordably.”

A spokesperson for HSBC said: “Supporting the transition to net zero and engaging with clients to help them diversify and decarbonise is a key priority for us. We are working to align our financed emissions to net zero by 2050.”

Climate crisisEnergyFinanceNet zero

Leave a Reply

Your email address will not be published.

Fill out this field
Fill out this field
Please enter a valid email address.




Sign up for our daily update to get all the latest sustainability news, analysis and opinion direct to your inbox.

  • This field is for validation purposes and should be left unchanged.