Fossil fuel financing from the world’s 60 largest banks has reached USD $4.6 trillion in the six years since the adoption of the Paris Agreement, with $742 billion in fossil fuel financing in 2021 alone. This report examines commercial and investment bank financing for the fossil fuel industry — aggregating their leading roles in lending and underwriting debt and equity issuances — and finds that even in a year where net-zero commitments were all the rage, the financial sector continued its business-as-usual driving of climate chaos.
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