Getting US banks out of fossil fuels

Since late 2015, the six largest US banks have provided USD 1.4 trillion to the fossil fuel industry―nearly one-third of global commercial bank financing for fossil fuels since the Paris Agreement―making global climate goals much harder to achieve. However, there have been many climate positive developments in the financial sector since the Paris Agreement was signed, but now an “anti-ESG” sentiment has emerged in the US, prompting politicians to attack climate action in the financial sector and introduce more than 165 “anti-ESG” bills in 37 states. This has caused many financial institutions to backpedal on their climate ambitions. For instance, BlackRock―the world’s largest asset manager with nearly USD 10 trillion under management―has backtracked on its climate commitments, and major American banks are even bragging about their commitment to fossil fuel investment.