{"id":1413899,"date":"2022-03-31T19:30:19","date_gmt":"2022-03-31T23:30:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1413899"},"modified":"2022-03-31T19:30:23","modified_gmt":"2022-03-31T23:30:23","slug":"defunded-financing-for-oil-and-gas-from-big-u-s-banks-has-plunged","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/defunded-financing-for-oil-and-gas-from-big-u-s-banks-has-plunged\/","title":{"rendered":"Defunded: Financing for Oil and Gas from Big U.S. Banks Has Plunged"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdefunded-financing-for-oil-and-gas-from-big-u-s-banks-has-plunged%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1413899&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p class=\"subheading\">Financing of the oil and gas industry by the biggest banks in the U.S. was far below prepandemic levels in 2021,\u00a0 according to data from a group of climate change activist organizations.<\/p>\n<p>The four largest U.S. banks\u2014J.P. Morgan Chase, Citigroup, Wells Fargo, and Bank of America\u2014provided the oil and gas sector with $181.2 billion of financing in 2021. That is 14.3 percent below the 2019 level, according to data in <a href=\"https:\/\/www.breitbart.com\/politics\/2022\/03\/30\/climate-change-alarmists-pressure-banks-to-drop-fossil-fuel-finance-amid-soaring-oil-and-gas-prices\/\">the 13th annual \u201cBanking on Climate Chaos\u201d\u00a0study<\/a>.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<div class=\"paywall is-loaded\">\n<p>Those four banks together account for one-quarter of all fossil fuel financing, according to the report.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>Soaring oil prices due to insufficient supplies have pushed gasoline prices to record highs recently, causing frustration for U.S. consumers and fueling inflation. On Thursday, President Joe Biden <a href=\"https:\/\/www.breitbart.com\/politics\/2022\/03\/31\/drill-baby-drill-joe-biden-urges-oil-companies-produce-more-oil-and-double-down-clean-energy\/\">said<\/a> the U.S. would release one million barrels a day from government stockpiles in an effort to lower the price.<\/p>\n<p>The report calls for banks to \u201cprohibit all financing for all fossil fuel expansion projects and for all companies expanding fossil fuel extraction and infrastructure along the whole value chain.\u201d It also calls for banks to begin eliminating all financing for fossil fuel extraction.<\/p>\n<p>That is a stark contrast with Biden\u2019s new stance. On Thursday, Biden pleaded with oil companies to expand production and said he would ask Congress for the power to fine companies that hold energy leases on federal lands that go unused.<\/p>\n<p>Biden\u2019s proposal on Thursday is a policy u-turn. On the campaign trail, Biden promised to ban new leases and he has attempted to put hardcore climate change activists into key financial regulatory positions. Those attempts have faltered when Democratic Senators rejected the nominations.<\/p>\n<p>Financial institutions have nonetheless faced pressure from lawmakers and regulators to reduce or eliminate altogether financing for fossil fuels.<\/p>\n<div>\u201cOur planet is staring down a point of no return, and the world\u2019s largest financial institutions are pouring gasoline on the fire. The science is unequivocal: the only way to limit global temperature rise to 1.5C by 2050 is by immediately halting all financing of new fossil fuel extraction projects,\u201dsaid Congresswoman Rashida Tlaib (D-MI), <a href=\"https:\/\/www.marketwatch.com\/story\/pouring-gasoline-on-the-fire-jpmorgan-citi-and-other-u-s-banks-lead-rise-in-lending-to-oil-and-gas-report-11648642894\">according to Marketwatch<\/a>.<\/div>\n<p>The report was published by Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, and Urgewald. It was endorsed by over 500 organizations from more than 50 countries.<\/p>\n<p>Several of the top American banks\u2014including J.P. Morgan Chase, Citi, Bank of America, Morgan Stanley, and Goldman Sachs\u2014have committed to net-zero ommissions by 2050.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Financing of the oil and gas industry by the biggest banks in the U.S. was far below prepandemic levels in 2021,\u00a0 according to data from a group of climate change<\/p>\n","protected":false},"author":11,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1413899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1413899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1413899"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1413899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1413899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1413899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1413899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}