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Wall Street Holds Fast to Fossil Fuels as Climate Pressure Grows

  • JPMorgan and peers are keeping pace on oil, gas & coal funding
  • Banks argue they need to finance polluters’ green transition
Conventional Energy
Updated on

With the ink hardly dry on a landmark pledge by the finance industry to fight climate change, the world’s biggest banks are making clear they plan to stand by their fossil-fuel clients. 

Take JPMorgan Chase & Co., the leading arranger of bonds for oil, gas and coal companies. In the weeks since the bank in October joined Mark Carney’s global alliance to achieve net-zero emissions from finance, it has underwritten some $2.5 billion in bond deals for companies like Gazprom PJSC and Continental Resources Inc., equivalent to the same period in previous years.