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2023-01-23 00:00:00
Berta Cáceres: new rules for banks could help stop defender killings
2023-01-16 00:00:00
In the balance: Why European due diligence legislation must cover financial services
2022-12-08 00:00:00
Exposed: Western banks funding Qatar’s carbon bombs
2022-12-08 00:00:00
Right-wing attack on sustainable finance is the latest form of climate denial
2022-12-14 11:08:26
HSBC announces it will no longer finance new oil and gas fields
2022-10-13 15:56:39
More major banks and insurers refuse to support EACOP
2022-09-16 10:38:48
European Parliament passes emergency resolution against human rights violations & environmental threats linked to EACOP
2022-06-27 09:49:16
Crédit Agricole takes first step to phase out from the oil and gas sector
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
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Oil rig in Midland Texas. Photo: Creative Commons (CC0).

Whereas global carbon dioxide emissions from burning coal have levelled off since 2010, emissions from oil and gas have continued to rise. Despite having a lower carbon dioxide intensity than coal, global carbon dioxide emissions from burning oil are now almost as high as those from coal. Gas has just over half the carbon dioxide intensity of coal and is often marketed as a 'transition fuel'. Whilst it currently causes about half the global carbon dioxide emissions of coal, the emissions from gas are increasing faster than both coal and oil. Furthermore, gas consists predominantly of the powerful greenhouse gas, methane, which evidence shows often leaks during processing, storage or distribution of gas. Opposition and campaigns against fossil fuels have historically been focused primarily on coal, but over recent years this focus has shifted to include oil and gas as well, particularly to the most polluting sub sectors such as tar sands and fracked oil and gas. 

The policies adopted by banks over the past few decades regarding fossil fuels mirrors the focus of the opposition to different sectors. Most restrictions have been placed on the financing of coal, with far fewer restrictions being placed on financing oil and gas, excluding the most environmentally destructive forms of oil and gas such as tar sands, Arctic oil and gas, and fracked oil and gas. 

Financing of oil and gas

In order to meet the 1.5 degrees temperature goal set in the Paris Climate Agreement, global carbon dioxide emissions must be more than halved from 2010 levels by 2030 and reach ‘net zero’ by 2050. This gives us a 50% chance of staying below a 1.5 degrees temperature increase by 2100. By 2030, emissions from burning oil and gas have to decrease by at least 44% and 39%, respectively. Unfortunately, current policies and pledges will lead to a 16% and 5% increase in oil and gas emissions, respectively, over the next decade. 

So current policies and pledges are not even close to being aligned with the goals set in the Paris Climate Agreement, which means that at the very least, no expansion of new fossil fuel reserves and infrastructure can be planned. Banks must therefore end support for all new oil and gas activities and implement a full phase-out for financing oil and gas projects and companies in line with the Paris Climate Agreement.

Since signing of the Paris Climate Agreement, the 60 largest banks in the world have financed key oil and gas sectors with more than USD 1 trillion. The world's four biggest financiers of these key oil and gas sectors are US banks JP Morgan Chase, Citi, Bank of America and Wells Fargo.

See here for banks' exposure to oil and gas sectors in 2016-2021.

Oil and Gas Policy Tracker

Reclaim Finance tracks the oil and gas policies of financial institutions, including banks, in the Oil and Gas Policy Tool. The below shows the assessments for commercial banks. The table can be filtered by Country and for NZBA membership (more on that see here). For more information about the tool and methodology, see www.oilgaspolicytracker.org

 

Feedback welcome

Our policy assessments are always a work in progress and we very much welcome any feedback, especially from banks included in them. You can of course also contact us for more information on specific scores and the latest policy changes. Please get in touch at climate@banktrack.org.


Target Dodgy Deals

target

Project: Rosebank United Kingdom

Oil and Gas Extraction

Related banks

ABN AMRO Netherlands

active

Related Dodgy Deals

Projects

active

Cambo oil field United Kingdom

Oil and Gas Extraction
active

Coastal GasLink pipeline Canada

Pipeline Transportation of Natural Gas
active

Driftwood LNG terminal United States

LNG Terminal
active

Jackdaw gas field United Kingdom

Oil and Gas Extraction
active

Line 3 Replacement Pipeline United States

Pipeline Transportation of Crude Oil
active

Malicounda oil-fired power plant Senegal

Oil-fired power plant
active

Mozambique LNG Mozambique

LNG Terminal | Oil and Gas Extraction | Pipeline Transportation of Natural Gas
active

Offshore Cape Three Points (OCTP) Ghana

Oil and Gas Extraction
active

Oil and gas exploration Virunga National Park Congo, the Democratic Republic of the

Oil and Gas Extraction
active

Okavango oil & gas drilling, Namibia & Botswana - international -

Oil and Gas Extraction
target

Rosebank United Kingdom

Oil and Gas Extraction
active

Vaca Muerta Shale Basin Argentina

LNG Terminal | Oil and Gas Extraction | Pipeline Transportation of Crude Oil | Pipeline Transportation of Natural Gas
active

West African Gas Pipeline and Nigeria-Morocco Gas Pipeline extension - international -

Pipeline Transportation of Natural Gas
There are no projects active for Banks and oil and gas now.
on record

EastMed Pipeline - international -

Pipeline Transportation of Natural Gas
on record

Trans Adriatic Pipeline (TAP) - international -

Oil and Gas Extraction | Pipeline Transportation of Natural Gas

Companies

active

Adani Group India

Coal Electric Power Generation | Coal Mining | Oil and Gas Extraction
active

Gazprom Russian Federation

Oil and Gas Extraction
active

Shell United Kingdom

LNG Terminal | Oil and Gas Extraction | Pipeline Transportation of Crude Oil | Pipeline Transportation of Natural Gas
active

TotalEnergies France

Gas Electric Power Generation | Oil and Gas Extraction | Pipeline Transportation of Crude Oil | Pipeline Transportation of Natural Gas
There are no companies active for Banks and oil and gas now.

News

| |
Type:
Year:
blog
external news
our news

De gasmiljarden van ING (the gas billions of ING)

TV item about ING's financing for US LNG (in Dutch)
2022-11-20 | Pointer
blog
external news
our news

These Australians are taking action against gas drilling under their own farm

ING Bank is financing oil and gas giant Santos’ development of a fracking project in eastern Australia.
2022-11-08 | ING Fossielvrij
blog
external news
our news

Major banks support rainforest oil project despite problems

2022-11-04 | London | AP
blog
external news
our news

Lloyds Banking Group commits to not directly finance new oil and gas fields

ShareAction responds to first UK bank's commitment to not directly finance new oil and gas fields
2022-10-20 | ShareAction
blog
external news
our news

UK and US banks among biggest backers of Russian ‘carbon bombs’, data shows

Ukrainian campaigners call for immediate end to investments, to cut funds to war and help avoid climate breakdown
2022-08-24 | The Guardian
blog
external news
our news

Westpac: climate change commitments one week, financing climate-wreckers the next?

2022-08-02 | MarketForces
blog
external news
our news

Citi: Still financing Indigenous rights violations & biodiversity loss in the Amazon

A Banking on Climate Chaos 2022 case study
2022-04-26 | Amazon Watch, Rainforest Action Network, Stand.earth
blog
external news
our news

Chevron granted shale exploration concession in Argentina's Vaca Muerta

The Argentine province of Neuquen granted U.S. oil company Chevron a new concession for shale exploitation in the Vaca Muerta formation, with a pilot stage investment of $78.7 million, the local government said in a statement on Monday
2022-04-10 | Reuters
blog
external news
our news

New report: Despite ‘net zero’ rhetoric, world’s biggest banks continued to pour billions into fossil fuel expansion in 2021

Annual Banking on Climate Chaos report follows the money and details massive bank support for the world’s worst climate-destroying corporations
2022-03-30 | San Francisco, Bemidji, Nijmegen, Oakland, Paris, Sassenberg, Washington DC | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club, Urgewald
blog
external news
our news

Belgian bank KBC ends financing for new oil and gas extraction, but stops short of a complete phase out plan

2021-11-04 | BankTrack
blog
external news
our news

NGOs release the first “Global Oil & Gas Exit List” at Glasgow COP

2021-11-04 | Glasgow | urgewald
blog
external news
our news

Wet'suwet'en chiefs demand investors and financiers of Coastal Gaslink to divest from this and all future pipeline projects

Indigenous-led campaign, endorsed by 100+ groups, urges global investors and banks to divest from and stop financing Coastal GasLink and LNG Canada
2021-10-19 | Unceded xʷməθkʷəy̓ əm, Sḵwx̱wú7mesh and səlilwətaɬ territories (Vancouver, Canada) | Gidimt
blog
external news
our news

New research puts big banks’ sustainability claims in doubt

While 20 of Europe’s 25 largest banks have pledged to reach net-zero emissions by 2050, none have matched these long-term ambitions with comprehensive plans to avert climate change and biodiversity loss
2021-09-06 | London | ShareAction
blog
external news
our news

East African Crude Oil Pipeline: new update on risks and impacts for financiers

2021-08-09 | Nijmegen | BankTrack
blog
external news
our news

Report: Global banks fail for financing, investment in oil & gas in Amazon rainforest

Banks remain highly exposed to risk of fueling corruption, human rights violations, and environmental harms despite commitments
2021-07-08 | San Francisco | Amazon Watch, Stand.earth
blog
external news
our news

Uganda joins the rights-of-nature movement but won’t stop oil drilling

2021-06-02 | National Geographic
blog
external news
our news

Revealed: HSBC’s dirtiest deals will emit more pollution than Brazil or Canada

As HSBC prepares for its AGM on 28 May, new research reveals that a selection of HSBC fossil fuel financial transactions over the last five years will emit 523 million tonnes of CO2 every year for decades to come
2021-05-27 | Market Forces
blog
external news
our news

UK rules out public subsidy for East African oil pipeline

2021-03-26 | Climate change news
blog
external news
our news

Banking on Climate Chaos 2021: World’s 60 largest banks have poured USD 3.8 trillion into fossil fuels since Paris Agreement

Even amidst the global economic downturn, fossil fuel financing numbers were higher in 2020 than 2016
2021-03-24 | Nijmegen | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
blog
external news
our news

Standard Bank reviewing oil pipeline financing concerns

2021-03-03 | Daily Monitor
blog
external news
our news

NGOs' pressure on banks threatens $3.5bn pipeline project financing

2021-03-02 | The East African
blog
external news
our news

263 ONG appellent les banques à ne pas financer la construction de l’oléoduc ougando-tanzanien

2021-03-01 | Agence Ecofin
blog
external news
our news

Más de 260 ONG piden a bancos no financiar un polémico oleoducto de África

2021-03-01 | Swiss Info
blog
external news
our news

Standard Bank targeted in appeal to avoid financing oil pipeline in East Africa

2021-03-01 | Business Live
blog
external news
our news

NGOs ask banks not to finance East African oil pipeline

2021-03-01 | Business Maverick
blog
external news
our news

In Brief: Nonprofits urge banks not to finance oil pipeline in East Africa

2021-03-01 | Devex
blog
external news
our news

Banks targeted in StopEACOP campaign

2021-03-01 | Energy Voice
blog
external news
our news

Organisations call on Standard Bank, others not to finance East African oil pipeline

2021-03-01 | Engineering News
blog
external news
our news

Organizations aim to block funds for East African oil pipeline

2021-03-01 | Mongabay
blog
external news
our news

Banks urged to steer clear of East Africa oil pipeline financing

2021-03-01 | Reuters
blog
external news
our news

South Africa's Standard Bank to assess 'way forward' on East Africa oil pipeline

2021-03-01 | Reuters
blog
external news
our news

Standard Bank to review ‘Way Forward’ on East Africa Oil Pipeline

2021-03-01 | Bloomberg
blog
external news
our news

Oil and gas financiers are staring down the barrel at $1 trillion in losses: time to rein in support for new pipelines

2021-02-16 | Greig Aitken - Global Energy Monitor
blog
external news
our news

Scandinavian banks poured $67 billion into the fossil fuel industry since Paris

New report finds ongoing finance for coal, oil and gas companies, with little commitments to phase-out from fossil fuels
2021-02-01 | Nijmegen, Copenhagen, Oslo, Stockholm | BankTrack, ActionAid Denmark, Fair Finance Guide Norway, Fair Finance Guide Sweden, Oxfam IBIS, Profundo
blog
external news
our news

BNP Paribas, Credit Suisse, ING to exclude exports of Ecuadorian Amazon oil from trading activities

Commitments come in response to Amazon Watch, Stand.earth report that exposed how European banks provide USD 10 billion in oil trade financing from Amazon to U.S.
2021-01-25 | Geneva, Switzerland | Amazon Watch, Stand.earth
blog
external news
our news

American financiers invested more than USD 18 billion in companies linked to Indigenous Rights violations in the Brazilian Amazon

2020-10-27 | Brasília, Brazil and Oakland, USA | Amazon Watch, Association of Brazil’s Indigenous Peoples (APIB)
blog
external news
our news

A call to action on the Principles for Responsible Banking: End climate-destructive financing now

2020-10-20
blog
external news
our news

Big Oil Reality Check: New paper finds 'failure across the board' in oil industry climate plans

2020-09-23 | Washington | Oil Change International
blog
external news
our news

New report reveals European banks financing trade of controversial Amazon oil to U.S.

Banks in Switzerland, France and the Netherlands facilitate trade from Amazon Sacred Headwaters region in Ecuador, where oil extraction contributes to spills, human rights abuses and climate destruction
2020-08-12 | Geneva, Switzerland | Amazon Watch, Stand.earth
blog
external news
our news

Banks warned that deficient fossil fuel policies are accelerating climate crisis

2019-12-12 | Madrid | BankTrack
blog
external news
our news

Banking on Climate Change – Fossil Fuel Finance Report Card 2019

World's top banks have poured $1.9 trillion into fossil fuel financing since the Paris Agreement was adopted, with financing on the rise each year
2019-03-20 | Nijmegen, the Netherlands | BankTrack, Honor the Earth, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Sierra Club
blog
external news
our news

BankTrack calls upon banks to help fight runaway climate change

New position paper outlines hard choices banks must make if they wish to be part of the solution to the climate crisis
2009-12-10 | Nijmegen, Netherlands | BankTrack
blog
external news
our news

Global banking giant ABN AMRO awarded for environmental hypocrisy

Dutch bank violating commitment to the environment by bidding on biggest oil drilling project in history
2006-05-11 | San Francisco | Milieudefensie

Documents

Type:
Year:
our publications
2022-03-30 00:00:00

Banking on Climate Chaos 2022

Despite ‘net zero’ rhetoric, world’s biggest banks continued to pour billions into fossil fuel expansion in 2021
2022-03-30 00:00:00 | Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, urgewald
ngo documents
2021-07-08 00:00:00

Banking on Amazon destruction

2021-07-08 00:00:00 | Amazon Watch & Stand.earth
ngo documents
2021-06-24 00:00:00

Nervous Money: Global LNG Terminals Update 2021

2021-06-24 00:00:00 | Global Energy Monitor
ngo documents
2021-05-25 00:00:00

The Big Smoke

The global emissions of the UK financial sector
2021-05-25 00:00:00 | Greenpeace and WWF
our publications
2021-03-24 00:00:00

Banking on Climate Chaos 2021

Fossil Fuel Finance Report
2021-03-24 00:00:00 | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance & Sierra Club
ngo documents
2020-11-11 00:00:00

Barclays’ and HSBC’s $43 billion fossil fuel problem

2020-11-11 00:00:00 | Fund Our Future UK
our publications
2020-10-20 00:00:00

A Call to Action on the Principles for Responsible Banking: End Climate-Destructive Financing Now

Joint civil society statement
2020-10-20 00:00:00 | BankTrack, Rainforest Action Network, and others
our publications
2020-03-18 00:00:00

Banking on Climate Change - Fossil Fuel Finance Report 2020

2020-03-18 00:00:00 | Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club
other documents
2020-03-18 00:00:00

Banking on Climate Change - Fossil Finance Report Card 2020 [Excel sheet]

Excel sheet with detailed bank policy scores
2020-03-18 00:00:00 | BankTrack, Rainforest Action Network, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club
our publications
2019-03-20 00:00:00

Banking on Climate Change 2019

2019 Fossil Fuel Finance Report Card
2019-03-20 00:00:00 | BankTrack, Honor the Earth, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Sierra Club
ngo documents
2018-11-26 00:00:00

Bankrolling the climate crisis

Aotearoa’s financial ties to the fossil fuel industry
2018-11-26 00:00:00 | 350.org New Zealand
ngo documents
2017-09-25 00:00:00

Banks: High Carbon, Hidden Risks

2017-09-25 00:00:00 | Rainforest Action Network
our publications
2017-06-21 00:00:00

Banking on Climate Change 2017

Fossil Fuel Finance Report Card 2017
2017-06-21 00:00:00 | Rainforest Action Network, BankTrack, Sierra Club, Oil Change International
ngo documents
2013-04-18 00:00:00

Unburnable Carbon 2013

Wasted capital and stranded assets
2013-04-18 00:00:00 | Carbon Tracker Initiative
ngo documents
2011-07-13 00:00:00

Unburnable Carbon

Are the world’s financial markets carrying a carbon bubble?
2011-07-13 00:00:00 | Carbon Tracker Initiative
ngo documents
2011-03-21 00:00:00

Dirty Money - Corporate greenwash and RBS coal finance

2011-03-21 00:00:00 | Platform
our publications
2009-12-10 00:00:00

A challenging climate 2.0

What banks must do to combat climate change
2009-12-10 00:00:00 | BankTrack
our publications
2009-03-01 00:00:00

Meek Principles for a Tough Climate

Why the Climate and Carbon Principles will not stop the melting of the ice
2009-03-01 00:00:00 | BankTrack
our publications
2007-12-12 00:00:00

A Challenging Climate

What international banks should do to combat climate change
2007-12-12 00:00:00 | BankTrack
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