Going Backward in Trump Era, Big Bank Investment in World's Dirtiest Energy Projects Surged in 2017

Going backward in the era of Trump—and despite international efforts to curb the climate crisis by reducing carbon emissions and reliance on fossil fuels—a new study out Wednesday details how major banks invested heavily in the world’s dirtiest energy sectors in 2017, pouring $115 billion into tar sands, offshore oil drilling, and coal mining projects.

“Every single dollar that these banks provide for the expansion of the fossil fuel industry is a dollar going to increase the climate crisis,” said Stephen Kretzmann of Oil Change International, one of the groups behind the study (pdf).

The findings of the report—entitled “Banking on Climate Change”—were described by author and activist Naomi Klein as “terrifying.”

Until they end their funding of dirty energy, Kretzmann added, “these banks will be complicit in our climate catastrophe, plain and simple.”