This report analyses fossil fuel financing from the world’s 60 largest commercial and investment banks and finds that these banks poured a total of $3.8 trillion into fossil fuels from 2016–2020. Fossil fuel financing dropped 9% last year, parallel to the global drop in fossil fuel demand and production due to the COVID-19 pandemic.
2020 levels remained higher than in 2016, the year immediately following the adoption of the Paris Agreement. The overall fossil fuel financing trend of the last five years is still heading in the wrong direction.
The report details case studies, including the financing of the Mozambique gas projects in Cabo Delgado, which reinforce the urgent need for banks to establish policies that lock in the fossil fuel financing declines of 2020.
