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.
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