Banks with climate pledges helped fund major fossil fuel expansion projects

BP’s massive gas drilling project in Azerbaijan and others like it have received nearly $1 trillion in funding from banks claiming net zero commitments.

Josephine Moulds reports for The Bureau of Investigative Journalism.

In short:

• Major banks with net zero goals raised nearly $1 trillion for oil and gas projects since May 2021.
• NatWest, which pledged to cut fossil fuel funding, helped BP secure $500 million last year for expanding its operations.
• BP’s gas field in Azerbaijan could emit over 1 billion tons of carbon, surpassing the UK’s annual emissions by three years.

Key quote:

“It’s indefensible. There’s no way we can meet the temperature goals of the Paris Agreement if we continue financing the exploration of oil and gas.”

— John Lang, founder of the Net Zero Tracker

Why this matters:

Global banks play a key role in either accelerating or mitigating climate change. Despite public net zero pledges, financial backing for fossil fuel projects undermines global climate targets and perpetuates emissions that scientists say the planet cannot afford.

Related: Banks continue funding fossil fuels despite global climate agreements