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Biggest Banks Fueling Climate Disaster With Billions Poured Into 'Extreme Fossil Fuels'


#1

Biggest Banks Fueling Climate Disaster With Billions Poured Into 'Extreme Fossil Fuels'

Andrea Germanos, staff writer

Threatening a climate-stable planet, the world's biggest banks are continuing business-as-usual by continuing to provide funding for "extreme fossil fuels."

So finds the latest Fossil Fuel Finance Report Card—produced by Rainforest Action Network, BankTrack, Sierra Club, and Oil Change International—which defines the "extreme" sources as tar sands, Arctic oil, ultra-deepwater oil, coal mining, coal power, and liquefied natural gas (LNG) exports.


#2

Just like their banking (pun intended), on the Trump admn., and Regugs. to dismantle the Dodd/Frank laws so they can crash the sys. again (the 1% loves those bargain prices). Please people look at the list, if your bank is on it get your money out.


#3

Murka's biggest banks found a new profit center after they crashed the economy in 2008 (when they controlled 25% of US bank assets) and received more than $20 trillion in various taxpayer funded bailout schemes. Today these banks control 50% of US bank assets with no end in sight of their march to monopoly.

The next crash will be far deeper and these banks' bailout profit center will milk taxpayers for way more than $20 trillion


#4

Okay ... you told us which banks failed the test/analysis.

It would be helpful to know which banks passed the test/analysis to assist us in selecting which bank(s) we do business with.


#5

Most small town credit unions are safe, check out the ones in your town.
State banks would be better like N.D., but until then....
Hope this helps.


#6

Not only these mafia banks - the taxpayer's subsidies to the fossil fuel industry amount to billions anually.


#7

Show of hands, please.

How many of you readers drove an internal combustion vehicle sometime today?
And of those who drove one, how many drove without a passenger?

OK. Good. Now, for extra credit, who noticed that gas prices are relatively low and were thankful?

Thank you. Class dismissed.


#8

I suspect the 22% drop in investment noted above probably has more to do with an overabundance of oil and gas in the market than has to do with some kind of moral awakening. Doesn't make sense to invest when the expected returns are not there. The oil and gas industries are patient, they know our addiction because they cultivated it. Drilling rigs here are merely mothballed waiting for the return on investment ratio to rise.

I'm glad to see that liquefied natural gas is included in the list of extreme fossil fuels. What small advantage (of lesser CO2 emissions) natgas has over coal is completely negated by the amount of same fuel expended to chill it to liquification and the diesel burned then to ship it by tanker all over the world. Absolutely absurd. It's a shell game and the propaganda used by the industry has to be exposed and hammered on loudly and continuously until the 99% realize they're being duped.


#9

Sounds like terrorism on a global scale to me.


#10

"To keep the planet under 1.5 degrees of global warming and stop human rights violations, banks must stop financing extreme fossil fuels. Our planet just can't take it."

Notice the language here. Do you see any calls for governments to force banks to stop such investments? The lack of such calls is telling.

...12 of the 37 banks increased their financing to the top extreme fossil fuel companies from 2015 to 2016, after the Paris Agreement was inked...

This is even more telling. I find it hard to reconcile this with all of the rhetoric over how "good" the Paris agreement is supposed to be. This really just shows how generally unconcerned the banking and fossil fuel industries (and business as a whole) are with climate action.

JP Morgan Chase earned the dubious distinction of being the biggest Wall Street funder of extreme fossil fuels.

Frankly, I find it laughable that banks like JP Morgan Chase give a crap about their "reputation?" Their customers didn't leave in droves during the Great Recession, who here honestly believes that they'll leave in droves over their fossil fuel investments? There may be some hot air over "redeeming their reputation" but the reality is, as long as they continue to make tons of cash, they don't give two craps about their "reputation?" Who cares what the "unwashed masses" think as long as they stay compliant?


#11

In the Naked Capitalism article below, the commenter, gsinbe, mentioned a "friend" who complains about Trump's upcoming climate disaster but then criticizes his friend for driving a 45 minute commute in a large truck. However, another commenter, gtggtg, had a brilliant response (emphasis mine):

One of the tactics of climate deniers, if forced to acknowledge the reality of anthropogenic climate change, is to reduce the problem to isolated moralistic market “choices” of individuals. This deflects attention away from the massive state-imposed solutions that are needed, and deflects attention from away from systemic problems in capitalism (and the power of the small class that benefits from it). It also engenders a feeling of hopelessness.

So, why do you choose to contribute to the climate change denial apparatus in this way?

Article: Gaius Publius: Massive Permafrost Thaw Documented in Canada, Huge Carbon Release May Be Coming (sorry, apparently I'm not allowed to post links yet)


#12

I didn't use a vehicle today. But when I do, it is a bus and it runs on natural gas. Most anyplace I want to go is within a mile and I walk or jog. The old style here was that the employer provided residence in site and the government arranged local services of all types in the immediate vicinity plus gardening space plus cheap buses. Few still live that way, but luckily the university systems still offer those things for any staff. Neighborhoods here generally are really very well planned. The new thing is MObike--drop of the Mobile bike anywhere for almost nothing an hour with your phone pay. Lots of people doing it. Old folks ride slow electric four wheel minicars if they are not on bikes..Delivery service here has bloomed with the internet and it is not by drone; it's by bike.
I'm not saying everything about neighborhoods is better in China by any means, but bikes,strong local neighborhoods and electric cars are here.Bigger cities seem to be moving away from this model, sadly.

Too bad so many here wish they were more like the US.