Tyb
Banks Remain Financially Committed to Oil Despite Transition Shift
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The world’s 60 largest banks have invested $6.9 trillion in the oil and gas industry since the Paris Agreement was signed in 2016.
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Oil Change International reported, $3.3 trillion went towards expanding the production of hydrocarbon energy.
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Worse still for climate NGOs, funding for fracking increased last year as well, reaching $59 billion.
There is no large international bank without a net-zero plan. These plans invariably include curbs in lending to the oil and gas industry. Yet despite these plans. Most of the world’s top lenders continue doing business with the oil industry—and they’ve been doing more of it lately.
The revelation comes from the 15th annual Banking on Climate Chaos report authored by an organization called Oil Change International, part of a group of climate NGOs committed to putting an end to the oil and gas industry. According to this report, the world’s 60 largest banks have invested $6.9 trillion in the oil and gas industry since the Paris Agreement was signed in 2016, marking the official start of the global net-zero shift. Of this, Oil Change International reported, $3.3 trillion went towards expanding the production of hydrocarbon energy.
This is bad enough news from the climate NGO perspective, certainly, but it is not the only bad news. What’s worse than a total of $6.9 trillion in hydrocarbon investment is an investment of $705 billion for 2023 alone—with some segments of the industry seeing increases in bank funding. This, in a world with a net-zero agenda, should not be happening, especially when banks are making decarbonization pledges and officially shrinking their business dealings with oil and gas producers. Yet not all of them are doing it.
Oil Change International, for lack of other tools, uses naming and shaming to sound the alarm of banks financing oil and gas, calling what it sees as the worst net-zero offenders “The Dirty Dozen”. Those are led by JP Morgan, which invested $430.9 billion in the oil and gas industry between 2016 and 2023. At number two, we have Citi, with oil and gas exposure of $396.3 billion for the period, followed by Bank of America, which invested $333.3 billion between the signing of the Paris Agreement and last year.
The “Dirty Dozen” also includes lenders such as Barclays, MUFG, Scotiabank, and HSBC, as well as RBC and the report includes a lot of language aimed at making these banks feel embarrassed about their business practices. What it doesn’t do is ask the question that this information begs: why are banks investing so much in oil and gas?
The answer, of course, lies in the financial reports of oil companies and news reports such as the one that Global Witness released this February, stating Big Oil majors paid their shareholders a record $111 billion in dividends on the back of record profits for 2022. Those record profits were driven by the energy crunch in Europe that highlighted the importance of energy security in a way that everyone could understand—except climate NGOs, it appears. The Oil Change International report says that financing for liquefied natural gas increased last year, hitting $120.9 billion. From their perspective, this must be a worrying trend. From the perspective of the banks themselves, this is good business—because demand for LNG is on the rise with Europe switching from pipelines to LNG carriers. Even record electricity generation from wind and solar in 2023 did not depress demand for liquefied gas.
Moar
https://oilprice.com/Energy/Crude-Oil/Banks-Remain-Financially-Committed-to-Oil-Despite-Transition-Shift.html
https://tradingeconomics.com/commodity/crude-oil
Your ego is off the charts phaggit
>>20874102
Ask me (again) if I care about your own created problems
Every single post is “I,me,me,me,me”
Just shut the fuck up already
Goddam crybaby
Represents about 10% of actual trading.
It all goes off in dark pools and brokered sales/buys.
The sheeple see ‘up’ and then don’t care.
Love how they show the humans ‘on the floor’.
They are window dressing nothing moar
>>20873593 lb
Italian AF PERSE71 G550 AEW&C has support from JAKE17 Rivet Joint nao and both ‘protecting’ Warsaw pretty heavily so something going down there or the appearance of it with these two running these defensive patterns
Digitized the back end of entire market making them digital in about 1976 but the public still had fractional pricing until just before 9/11/01
Greenspan a programmer first and not many know this.
His bestie back in the day was John Kearny who invented BASIC along with Tom Kurtz
>Rand’s study
The low in March 2009 is about right even nao
Then black jeebus,Geithner,and Bernancke hit us with the ‘Green Shoots’ narrative.
Complete and total hot air since then
Was pumped to that point by muh derivative explosion in mid 90s
No argument at all
>>20873695 lb
SAM643 G5 went to Nellis from JBA depart
SAM665 Heading to NoLo-Lakefront Airport
MANGO28 (was SPAR28 on ground) left MacDill (CENTCOM) after quick is he ground stop and ascended to 35k Ft and nao at 21kft @about 420kts like it doesn’t know where it’s going and decisions being made
EXEC1F C40BFlauxtus and kneepads husband/handler Doug Emhoffheading to Marquette, MI
These two together for three days on the road after those dinner shenanigans?!
Kek!
Jill Biden to tour Michigan from the U.P. to Detroit over 3 days
First Lady Jill Biden and Second Gentleman Doug Emhoff will travel all across Michigan later this week, starting in the Upper Peninsula and ending in Detroit. Biden and Emhoff will arrive in Marquette on Thursday afternoon and then speak at a political event. Later Thursday, they will speak at a community event with the Bay Mills Indian Community and Sault Ste. Marie Tripe of Chippewa Indians in the eastern part of the U.P. On Friday afternoon, they will host a listening session with the two tribes about health care, and then will tour the Soo Locks before they head to Mid Michigan.
During their time in Mid Michigan, they will speak at a political event and then fly to metro Detroit on Friday night before speaking at a political event in Detroit on Saturday morning in Detroit.
https://www.wxyz.com/news/first-lady-jill-biden-to-tour-michigan-from-the-u-p-to-detroit-over-3-days
Dunno what’s going on with this as it went to Pittsburgh Intl and did roundies.not going to stated destination of Marquette,MI
Now headed SE back to JBA
Did they get it out already and all tired nao?
Cuz it ain’t going to Michigan according to this trace
Trust me you don’t want to live in the world when gold is priced like that for very long
Who will buy it from you or who will sell it?
The inflation at that point would exceed the Weimar Republic era.
It sounds good to hear it but you have to factor in the world around you if that price point occurs
Am strong advocate for sound, backed money that is redeemable however that price means you are living in Mad Max scenario.