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Which Banks Are The Biggest Backers Of Oil And Gas?

Source: Bloomberg No energy restrictions Last week, analysts at Bloomberg Intelligence (BI) published a research note about the banking industry aptly titled What Energy Restrictions? The research notes that JPMorgan provided nearly $250 billion of loans and bonds to fossil-fuel companies since the ratification of the Paris Agreement in December 2015, nearly 30% higher than its closest rival Wells Fargo (NYSE:WFC), which provided $193B over the timeframe. Collectively, Wall Street s biggest six banks provided nearly $900B in loans and bonds to the oil and gas industry over the past five years alone. Fossil fuel apologists contend that JPM s sheer size and the fact that it has its fingers in so many pies make it nearly impossible to avoid involvement with climate-unfriendly businesses. 

BlackRock Is Turning Up The Heat On Oil Companies

Premium Content BlackRock Is Turning Up The Heat On Oil Companies By Alex Kimani - Jan 27, 2021, 4:00 PM CST The more your firms are seen to embrace the climate transition and the opportunities it brings, the more the market will reward your firms with higher valuations.- Larry Fink, CEO BlackRock Inc . Last month, New York City’s Mayor Bill de Blasio and Comptroller Scott M. Stringer sent shockwaves through the oil and gas sector after they announced that the city’s $226B pension fund plans to divest the majority of its fossil fuel investments over the next five years and also cut ties with other companies that have been contributing to global warming.

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