The largest bank in the U.S. is also the most entangled in the fossil-fuel industry. JPMorgan has pocketed an estimated $900 million in fees from helping arrange loans and bond sales for energy companies since the start of 2016, according to Bloomberg data.
SINCE the clinching of the Paris Agreement, the global banking sector has underwritten more than $3.6 trillion of bonds and loans for the fossil-fuel industry.
No bank has done more-or taken more in fees-than JPMorgan Chase in the past five-plus years.
The same constellation of banks has originated more than $1.3 trillion of green bonds and loans to support climate-friendly projects over the same period. No bank has done less than Wells Fargo, which has arranged the lowest proportion of green financing relative to fossil fuel among the world’s largest lenders.
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