Big Banks Reverse Course, Spent $869B Funding Fossil Energy in 2024

Sometimes, some of the best news can be learned from your political enemies. The wackadoodle environmental left worldwide has, for years, tried to pressure Big Banks into defunding (refusing to loan to) fossil energy companies. While there are other sources of funding available, getting Big Banks to refuse loans has hurt the oil and gas industry. And for a while, it seemed like the left was winning, pressuring banks to pull back. Not anymore. An arrogant coalition of eight green groups, coordinated by the Rainforest Action Network, recently published a report showing that the world’s largest banks boosted the amount of financing given to fossil fuel companies last year (2024), committing $869 billion to those involved in coal, oil, and gas. That's up significantly, from $162 billion spent the year before (2023).

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