The Energy Mix

Top Menu

  • About
  • Latest Digest/Archive
  • Partners
  • Which Energy Mix is this?
  • Contact

Main Menu

  • News Archive by Category
    • Climate & Society
      • Carbon Levels & Measurement
      • Carbon-Free Transition
      • Climate Action/”Blockadia”
      • Climate Denial & Greenwashing
      • Climate Policy/Meetings/Negotiations
      • Culture, Curiosities, & Humour
      • Demographics
      • Energy Politics
      • Energy Subsidies
      • Energy/Carbon Pricing & Economics
      • Finance & Investment
      • First Peoples
      • Insurance & Liability
      • International Agencies & Studies
      • Jobs & Training
      • Legal & Regulatory
      • Media, Messaging, & Public Opinion
      • Methane
      • Travel, Leisure & Recreation
    • Climate Impacts & Adaptation
      • Biodiversity & Habitat
      • Drought, Famine & Wildfires
      • Food Security
      • Forests & Deforestation
      • Health & Safety
      • Heat & Temperature
      • Human Rights & Migration
      • Ice Loss & Sea Level Rise
      • International Security & War
      • Severe Storms & Flooding
      • Soil & Natural Sequestration
      • Water
    • Demand & Distribution
      • Air & Marine
      • Auto & Alternative Vehicles
      • Batteries/Storage
      • Buildings
      • Cities
      • Electricity Grid
      • Energy Access & Equity
      • Off-Grid
      • Petrochemicals & Plastics
      • Supply Chains & Consumption
      • Transit
      • Walking & Biking
    • Jurisdictions
      • Africa
      • Arctic & Antarctica
      • Asia
      • Australia
      • Brazil
      • Canada
      • China
      • Europe
      • India
      • International
      • Mexico, Caribbean & Latin America
      • Middle East
      • Oceans
      • Small Island States
      • South & Central America
      • Sub-National Governments
      • United States
    • Non-Renewable Energy
      • CCS & Negative Emissions
      • Coal
      • Nuclear
      • Oil & Gas
      • Pipelines/Rail Transport
      • Shale & Fracking
      • Tar Sands/Oil Sands
    • Opinion & Analysis
    • Renewable Energy
      • Bioenergy
      • Demand & Efficiency
      • General Renewables
      • Geothermal
      • Hydrogen
      • Hydropower
      • Research & Development
      • Solar
      • Wave & Tidal
      • Wind
  • Special Reports
    • Alberta’s Bitumen Pipe Dream
    • Canada’s Drive to Net Zero
    • Carbon Farming
    • City and Sub-National Action
    • Drawdown
    • Drive to 1.5
    • 26-Week Climate Transition Program for Canada
    • America’s Electoral Climate 2020
    • Canada’s Climate Change Election 2019
    • The Energy Mix Yearbook 2018
      • Climate Extremes
      • Fossils Go For Broke
      • Renewables (R)Evolution
      • Electric Vehicles
      • Canada’s Contradiction
      • COP24
      • Pipeline Politics
      • Jobs and Just Transition
      • Cities and Sub-Nationals
      • Finance and Divestment
      • Climate Litigation
  • Webinars & Podcasts
  • About
  • Latest Digest/Archive
  • Partners
  • Which Energy Mix is this?
  • Contact
  • Subscribe
  • Donate

logo

  • News Archive by Category
    • Climate & Society
      • Carbon Levels & Measurement
      • Carbon-Free Transition
      • Climate Action/”Blockadia”
      • Climate Denial & Greenwashing
      • Climate Policy/Meetings/Negotiations
      • Culture, Curiosities, & Humour
      • Demographics
      • Energy Politics
      • Energy Subsidies
      • Energy/Carbon Pricing & Economics
      • Finance & Investment
      • First Peoples
      • Insurance & Liability
      • International Agencies & Studies
      • Jobs & Training
      • Legal & Regulatory
      • Media, Messaging, & Public Opinion
      • Methane
      • Travel, Leisure & Recreation
    • Climate Impacts & Adaptation
      • Biodiversity & Habitat
      • Drought, Famine & Wildfires
      • Food Security
      • Forests & Deforestation
      • Health & Safety
      • Heat & Temperature
      • Human Rights & Migration
      • Ice Loss & Sea Level Rise
      • International Security & War
      • Severe Storms & Flooding
      • Soil & Natural Sequestration
      • Water
    • Demand & Distribution
      • Air & Marine
      • Auto & Alternative Vehicles
      • Batteries/Storage
      • Buildings
      • Cities
      • Electricity Grid
      • Energy Access & Equity
      • Off-Grid
      • Petrochemicals & Plastics
      • Supply Chains & Consumption
      • Transit
      • Walking & Biking
    • Jurisdictions
      • Africa
      • Arctic & Antarctica
      • Asia
      • Australia
      • Brazil
      • Canada
      • China
      • Europe
      • India
      • International
      • Mexico, Caribbean & Latin America
      • Middle East
      • Oceans
      • Small Island States
      • South & Central America
      • Sub-National Governments
      • United States
    • Non-Renewable Energy
      • CCS & Negative Emissions
      • Coal
      • Nuclear
      • Oil & Gas
      • Pipelines/Rail Transport
      • Shale & Fracking
      • Tar Sands/Oil Sands
    • Opinion & Analysis
    • Renewable Energy
      • Bioenergy
      • Demand & Efficiency
      • General Renewables
      • Geothermal
      • Hydrogen
      • Hydropower
      • Research & Development
      • Solar
      • Wave & Tidal
      • Wind
  • Special Reports
    • Alberta’s Bitumen Pipe Dream
    • Canada’s Drive to Net Zero
    • Carbon Farming
    • City and Sub-National Action
    • Drawdown
    • Drive to 1.5
    • 26-Week Climate Transition Program for Canada
    • America’s Electoral Climate 2020
    • Canada’s Climate Change Election 2019
    • The Energy Mix Yearbook 2018
      • Climate Extremes
      • Fossils Go For Broke
      • Renewables (R)Evolution
      • Electric Vehicles
      • Canada’s Contradiction
      • COP24
      • Pipeline Politics
      • Jobs and Just Transition
      • Cities and Sub-Nationals
      • Finance and Divestment
      • Climate Litigation
  • Webinars & Podcasts
Advanced Search
Climate Action/"Blockadia"CoalFinance & InvestmentInternational Agencies & StudiesOil & GasTar Sands/Oil Sands
Home›Climate & Society›Climate Action/"Blockadia"›Banks’ Fossil Investment Rises 11% in 2017, Tar Sands/Oil Sands Finance Up 111%

Banks’ Fossil Investment Rises 11% in 2017, Tar Sands/Oil Sands Finance Up 111%

April 8, 2018
April 8, 2018
 
163
0
Share:
  •  
  • 12
  •  
  •  
  •  
  •  
  •  
    12
    Shares
  Print This Story
Department of Energy/Flickr

Private banks around the world, including all of Canada’s “Big Five”, are ramping up their fossil fuel investment and “backsliding” on the goals of the Paris agreement, according to the latest in a series of annual investment report cards published last week by nine major environmental organizations.

Fossil investment by the 36 banks increased 11% last year, from US$104 to $115 billion, the report found. Tar sands/oil sands investment grew a mind-bending 111%, from $22 to $46 billion, with the Royal Bank of Canada leading the way.

The three banks with the fastest-growing fossil portfolios were JP Morgan Chase, RBC, and TD Bank, the U.S. Sierra Club reports.

Like this story? Subscribe to The Energy Mix and never miss an edition of our free e-digest.

SUBSCRIBE

“According to the report’s key data,” writes editorial fellow Katherine Wei, “large Chinese banks and some European banks have reduced their financing in tar sands, but the reduction fell short compared to the massive increases from Canadian and U.S. banks.”

Overall, “the report points out how very few banks are aligning their business plans with the 2015 Paris climate agreement, whose temperature goals require banks to cease financing expansion of the fossil fuel sector.”

While “banks voice their support for climate action and the Paris climate agreement,” said Ben Cushing of Sierra’s Beyond Dirty Fuel campaign, they “funnel money into the fossil fuel industry at the same time.”

The report did point to a 17% reduction in bank financing for Arctic and deepwater fossil operations. And in the last year, French bank BNP Paribas has introduced “restrictions for coal financing and some parts of oil and gas, as well.”

These changes in practice owe at least something to public pressure, Cushing said. “People are realizing that they have the ability to hold these banks accountable for investing in extreme fossil fuels.”

“The financial industry is on notice,” added Honor the Earth National Campaigns Director Tara Houska. “The human rights policies banks claim [are] in place must be enforced.”

Tags26 WeeksBitumen BubbleBitumen Bubble Finance & Divestment
Share:
  •  
  • 12
  •  
  •  
  •  
  •  
  •  
    12
    Shares
  Print This Story

Find more stories about
Climate Action/"Blockadia"CoalFinance & InvestmentInternational Agencies & StudiesOil & GasTar Sands/Oil Sands

    Leave a reply Cancel reply

    Recent Posts

    • Shareholders Squirm, Climate Analysts Pounce as Shell Releases ‘Grotesque’, ‘Delusional’ Climate Plan
      Shareholders Squirm, Climate Analysts Pounce as Shell Releases ‘Grotesque’, ‘Delusional’ Climate Plan
      February 15, 2021
    • Wilkinson, McCarthy Hold First Talks on Cross-Border Climate Action
      Wilkinson, McCarthy Hold First Talks on Cross-Border Climate Action
      February 15, 2021
    • Valentine’s Day Campaign, New Research Highlight B.C. Subsidies to Top Fracking Companies
      Valentine’s Day Campaign, New Research Highlight B.C. Subsidies to Top Fracking Companies
      February 15, 2021
    • Appalachia Counties Lose Jobs, Population Despite Massive Fracking Boom
      Appalachia Counties Lose Jobs, Population Despite Massive Fracking Boom
      February 15, 2021
    • 1930s Jobs Program Holds Mixed Lessons for Biden’s U.S. Climate Corps
      1930s Jobs Program Holds Mixed Lessons for Biden’s U.S. Climate Corps
      February 15, 2021

    News Feed

    Top News

    • Trudeau Rejects NAFTA Challenge Over Keystone Cancellation
      February 14, 2021
    • Court Agrees to Delay Decision on Dakota Access Pipeline Shutdown
      February 14, 2021

    Read More

    Carbon-Free Transition

    • South Australia Averages 60% Renewable Grid Over 12 Months
      February 14, 2021
    • SolarAid Delivers Radios for Vulnerable Students in Malawi
      February 14, 2021

    Read More

    Canada

    • Trudeau Rejects NAFTA Challenge Over Keystone Cancellation
      February 14, 2021
    • Squamish Nation Plans Sustainable Community for 9,000
      February 14, 2021

    Read More

    U.S.

    • Court Agrees to Delay Decision on Dakota Access Pipeline Shutdown
      February 14, 2021
    • Chevron’s Richmond Oil Refinery Spills 600 Gallons into San Francisco Bay
      February 14, 2021

    Read More

    International

    • South Korea Lays Out $43B Plan for World’s Biggest Offshore Wind Farm
      February 14, 2021
    • Australia Amps Up Collections for Solar Panel Recycling Project
      February 14, 2021

    Read More

    • About the Energy Mix
    • Contact
    • Privacy Policy and Copyright
    Copyright 2020 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.