The Banks Funding Earth's Carbon Bombs
A carbon bomb is any fossil fuel extraction project that will generate more than one gigatonne of carbon dioxide (1GtCO2) over its remaining life.
Despite the world economy committing to net zero by 2050 at the Paris Agreement in 2015, banks have continued to finance 425 carbon bombs around the world. These projects are expected to produce 1,180 GtCO2 over its lifetime. Even so, they only represent 45% of the world's oil and gas extraction projects and just 25% for coal.
The total spending for carbon bombs amounts to 1.8 trillion USD, equivalent to the GDP of the 16 most climate vulnerable countries combined.
As of 2023, we have 400-500 GtCO2 left in our carbon budget. 1,180 GtCO2 is more than double this.
The world's largest climate fund, the Green Climate Fund, has raised less than 1% of the money given to carbon bombs.
Which institution are you banking with? And what are they financing?
Dataset
| Bank | Value | Country |
|---|---|---|
| JPMorgan Chase | 141,802,757,256 | United States |
| Citi | 119,181,289,316 | United States |
| Bank of America | 93,492,397,221 | United States |
| ICBC | 92,161,434,844 | China |
| BNP Paribas | 71,949,496,267 | France |
| Bank of China | 65,653,132,390 | China |
| Wells Fargo | 62,359,588,856 | United States |
| HSBC | 62,144,054,647 | United Kingdom |
| Barclays | 54,397,129,737 | United Kingdom |
| Industrial Bank | 51,487,196,860 | China |
| Morgan Stanley | 51,477,793,740 | United States |
| Agricultural Bank of China | 49,449,316,042 | China |
| Mizuho | 49,372,442,003 | Japan |
| MUFG | 48,755,886,317 | Japan |
| China Construction Bank | 47,635,344,629 | China |
| Goldman Sachs | 46,779,241,088 | United States |
| RBC | 41,210,939,782 | Canada |
| Crédit Agricole | 39,824,401,994 | France |
| TD | 39,755,669,238 | Canada |
| Shanghai Pudong Development Bank | 38,289,234,188 | China |
| Société Générale | 36,847,426,398 | France |
| Scotiabank | 36,779,687,495 | Canada |
| SMBC Group | 36,349,033,598 | Japan |
| China CITIC Bank | 35,252,656,324 | China |
| China Everbright Bank | 34,909,662,546 | China |
| China Merchants Bank | 34,610,868,585 | China |
| Ping An Insurance Group | 30,058,517,065 | China |
| Bank of Communications | 28,534,714,097 | China |
| Deutsche Bank | 28,234,923,213 | Germany |
| Credit Suisse | 24,478,294,909 | Switzerland |
| Santander | 23,644,601,389 | Spain |
| China Minsheng Bank | 23,618,582,916 | China |
| CIBC | 23,213,038,219 | Canada |
| Bank of Montreal | 14,580,687,142 | Canada |
| UniCredit | 13,024,992,983 | Italy |
| UBS | 11,903,265,723 | Switzerland |
| Standard Chartered | 10,720,939,078 | United Kingdom |
| State Bank of India | 9,807,402,869 | India |
| Postal Savings Bank of China | 9,368,576,457 | China |
| BBVA | 8,977,645,302 | Spain |
| ING | 7,683,556,787 | Netherlands |
| ANZ | 7,191,606,068 | Australia |
| PNC | 7,140,309,892 | United States |
| Intesa Sanpaolo | 6,934,487,525 | Italy |
| BPCE/Natixis | 5,863,300,612 | France |
| Commerzbank | 4,448,492,954 | Germany |
| NatWest | 4,233,980,387 | United Kingdom |
| Nordea Bank | 3,699,203,687 | Finland |
| Lloyds | 3,468,074,263 | United Kingdom |
| US Bancorp | 3,091,269,196 | United States |
| Commonwealth Bank | 2,787,813,294 | Australia |
| Westpac | 2,184,322,056 | Australia |
| Danske Bank | 1,734,499,705 | Denmark |
| KB Financial | 1,244,368,630 | South Korea |
| NAB | 1,051,119,165 | Australia |
| DZ Bank | 910,379,916 | Germany |
| CaixaBank | 430,889,971 | Spain |
| Rabobank | 130,928,077 | Netherlands |
| Green Climate Fund (UNFCCC) | 13,900,000,000 |
Data sources
Aggregation was done using the tab from the raw data "connection_bank_company". The corresponding countries for each data was gathered using the tab "bank_data".
