June 14, 2016 5:01 am, Pilita Clark, Environment Correspondent
Citigroup, Deutsche Bank and JPMorgan Chase have delivered billions of dollars in financing for coal, oil and gas companies that is “deeply at odds” with the goals of the Paris climate change accord, according to a study.
The banks rank among the top North American and European private sector backers of coal mines, coal power plants and costly oil and gas ventures over the past three years, according to the report by environmental campaign groups the US Sierra Club, the Rainforest Action Network, BankTrack and Oil Change International.
Deutsche Bank was the top financer of big coal miners, delivering nearly $7bn between 2013 and 2015, according to the study’s assessment of publicly available financial filings.
Citigroup was calculated to have supplied $24bn for large coal power plant operators, making it the largest supporter in this category.
JPMorgan Chase was ranked the largest financer of so-called “extreme oil”, financing an estimated $38bn for the biggest owners of untapped reserves in ultra-deep offshore fields, the Arctic or tar sands.