Fossil fuel investments have soared under Trump
Bank holdings in “extreme” fossil fuels skyrocketed globally to $115bn during Donald Trump’s first year as US president, with holdings in tar sands oil more than doubling, a new report has found.
A sharp flight from fossil fuels investments after the Paris agreement was reversed last year with a return to energy sources dubbed “extreme” because of their contribution to global emissions. This included an 11% hike in funding for carbon-heavy tar sands, as well as Arctic and ultra-deepwater oil and coal.
US and Canadian banks led a race back into the unconventional energy sector following Trump’s promise to withdraw from Paris, with JPMorgan Chase increasing its coal funding by a factor of 21, and quadrupling its tar sands assets.
Chase’s $5.6bn surge in tar sands holdings added to nearly $47bn of gains for the industry last year, according to the report by NGOs including BankTrack, the Sierra Club and Rainforest Action Network (RAN).
RAN spokeswoman, Alison Kirsch, accused banks such as JPMorgan Chase of “moving backwards in lockstep with their wrongheaded political leaders”. from The Guardian March 28th 2018