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May 13, 2024

Smaller banks increasingly involved in fossil fuel financing, study finds

The report by the non-profits shows US bank Truist outranked the top US and Japanese banks when considering fossil fuel financing as a percentage of total assets © Luke Sharrett/Bloomberg
The report by the non-profits shows US bank Truist outranked the top US and Japanese banks when considering fossil fuel financing as a percentage of total assets © Luke Sharrett/Bloomberg

JPMorgan and other big banks continue to dominate fossil fuel financing, but an apparent new trend is the ‘stepping in’ of smaller lenders into deals other banks may not be willing to finance

The big US and Japanese banks continue to dominate global fossil fuel financing, but some medium-sized and smaller lenders are “disproportionately financing” polluting industries in relation to their size, suggests research by Rainforest Action Network, BankTrack and other non-profits.

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