Since the Paris Agreement, the six largest US banks – Chase, Citi, Wells Fargo, Bank of America, Morgan Stanley and Goldman Sachs – have provided $1.4tn in financing to the fossil fuel industry.
Indeed, since that heralded day in the French capital, the world’s four largest funders of fossil fuel expansion have all been US banks. So much for “American leadership”.
Fossil fuel expansion perpetuates environmental racism. Every new piece of fossil fuel infrastructure is built in someone’s community – and more often than not, it’s likely to be in working-class Black, Indigenous and communities of color. We know that proximity to polluting infrastructure is linked to higher risks of heart disease, asthma, and cancer – so why are banks continuing to fund projects that poison frontline communities?