Claim: ‘Switching your bank might help slow the climate crisis’
Embarrassing from Popular Science.
Climate bedwetting makes people stupid. https://t.co/6NgD9tLDPV
— Steve Milloy (@JunkScience) January 20, 2021
Fossil fuel companies rely to a surprising extent on funding from banks—funding that comes, in part, from ordinary people’s bank accounts. And that means the bank you choose helps determine if those big energy companies can get financing.
That’s the argument increasingly put forth by climate scientists and activists looking to put an end to the continued extraction of coal, oil, and natural gas. One way to do that is to put pressure on the big banks that make those operations possible in the first place.
According to the Rainforest Action Network’s Banking on Climate Change report, 35 banks from Canada, China, Europe, Japan and the United States financed a total of $2.7 trillion toward 2,100 fossil fuel companies in the four years following the 2016 adoption of the Paris climate agreement. American banks top the list: JPMorgan Chase had the greatest contribution, followed by Wells Fargo, Citibank, and Bank of America. Some of the activities that the financing contributed to include controversial projects such as mining tar sands oil, tapping offshore reserves, and fracking.