Sgt. Friday in Dragnet (a popular US TV show from my youth) was famous for this remark as he investigated crimes. As we look at the role banks play in financing fossil fuels, it is a very helpful remark to keep in mind. A report released on 18 March 2020 does a very credible and detailed job in researching and providing the facts on the support for fossil fuels by the largest banks in the world. With many of you working from home, it is a good time to review these types of reports as you consider where your work and where you invest. Additional analytics are available at the Rainforest Action Network site.
Of particular interest is the data presented on pp. 8 to 10 of the report. The research estimates that since the signing of the Paris Accords, USD 2.7 trillion in financing has been provided by the 35 largest banks in the world for fossil fuels. Many of these banks have consistently published corporate social responsibility reports highlighting how wonderful they are. Of particular interest is the high level of financing provided by JP Morgan Chase whilst at the same time Jamie Dimon (Chair) has been vocal that businesses need to be responsible to society and not just to shareholders. Are those claims credible with this level of financing for fossil fuels? Is it time for the large banks to walk the talk?
