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Banks have arranged US$2.7 trillion in bonds for fossil fuel companies

2022-07-12 | Australia
By: The Sunrise Project
Photo: The Sunrise Project
2022-07-12 | Australia
By: The Sunrise Project

A new report reveals that underwriting bonds for fossil fuel companies are not a significant source of revenue for major banks, compared to the outsized reputational risk and impact on the planet.

In other words, fossil fuel companies need banks, but banks don’t need fossil fuel companies.

Since the Paris climate agreement in 2015, banks have underwritten bonds totalling US$2.7 trillion for coal, oil and gas companies. Banks generated US$8.5 billion in fees from these transactions (2016 – 2022).

For the top 22 banks, the earnings represent at most 0.06% and as little as 0.01% of total fees for corporate bond underwriting. Fossil fuel bonds are barely worth it for banks.

Despite international climate initiatives such as the Net Zero Banking Alliance, many major banks' existing climate and fossil fuel policies and targets contain loopholes, either by excluding underwriting or only applying to new clients. This allows toxic bonds to slip through the net.

Banks must include underwriting in addition to lending in all climate policies and financed emissions reduction targets, as well as urgently cease underwriting bonds for coal, oil and gas expansionists.

Read the official piece here.

Banks

Agricultural Bank of China

China
Active

Bank of America

United States
Active

Bank of China

China
Active

Barclays

United Kingdom
Active

BNP Paribas

France
Active

Citi

United States
Active

Crédit Agricole

France
Active

Credit Suisse

Switzerland
Active

Deutsche Bank

Germany
Active

Goldman Sachs

United States
Active

HSBC

United Kingdom
Active

Industrial and Commercial Bank of China (ICBC)

China
Active

JPMorgan Chase

United States
Active

Mitsubishi UFJ Financial Group (MUFG)

Japan
Active

Mizuho Financial Group

Japan
Active

Morgan Stanley

United States
Active

Société Générale

France
Active

Standard Chartered

United Kingdom
Active

Sumitomo Mitsui Financial Group

Japan
Active

Toronto-Dominion Bank (TD Bank)

Canada
Active

UBS

Switzerland
Active

Wells Fargo

United States
Active
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