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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums'Pouring gasoline on the fire': JPMorgan, Citi, other U.S. banks lead rise in lending to oil and gas
JPMorgan Chase, Citigroup, Wells Fargo and Bank of America together account for one quarter of all fossil fuel financing identified over the last six yearshttps://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
Financing of the oil and gas industry that is helping drive global temperatures to a dangerous point has snapped back strongly, a new report says. In fact, current spending tops the capital flowing in 2016, the year just after arguably the most significate climate pledge to date was struck in Paris.
The 60 banks profiled in the report funnelled $185.5 billion just last year into the 100 companies doing the most to expand the oil CL00, -5.48% and gas sector, says a group of environmental nonprofits, which reports such findings in their 13th annual Banking on Climate Chaos release.
The release documents that in the six years since the adoption of the Paris Agreement setting a no more than 2 degrees Celsius and, ideally, 1.5 degrees, warming limit the worlds 60 largest banks financed fossil fuels with $4.6 trillion in loans and other capital. That includes $742 billion in 2021 alone as the world recovered from the worst of COVID-19.
The report shows that overall fossil-fuel financing remains dominated by four U.S. banks, with JPMorgan Chase JPM, -1.85%, Citigroup C, -1.86%, Wells Fargo WFC, -2.27%, and Bank of America BAC, -2.68% together accounting for one quarter of all fossil fuel financing identified over the last six years. The group calling for bank reform also leveraged their findings with reference to the Russian invasion of Ukraine and the broader risk that geopolitical instability brings to energy markets.
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'Pouring gasoline on the fire': JPMorgan, Citi, other U.S. banks lead rise in lending to oil and gas (Original Post)
Celerity
Mar 2022
OP
Omen78
(81 posts)1. Stop Doing Business With them
Times be a changing.....Select lending institutes that utilized ESG (Environmental, Social and Governance) factors as a guiding principle in their lending practices. If bad environmental influences can't find lending, you effectively minimize their impact if not put them out of business altogether. It will be the future of fighting climate change, inequality, and a host of other progressive issues.
pecosbob
(7,538 posts)2. And I wager if one looked closely all those entities are tied to Blackrock
Use a local credit union if you can.
Celerity
(43,358 posts)3. our main personal Swedish bank is JAK Bank (no interest model)
https://monneta.org/en/the-jak-bank-model/
The JAK Bank Model
Model of a sustainable money system beyond the growth imperative? The Swedish JAK Bank has been offering interest-free savings, loans and banking services since 1965, with the aim of enabling an interest-free economy. More than 38,000 members of the cooperative bank save with interest-free savings accounts and can thus borrow money from the general fund for the cost of the administration fees only.
The principle is simple: when savers forego income from interest, they also do not need to pay interest when they take a loan. Savings and loans are directly connected in the JAK system through this principle and the bank also encourages its members to have an active dialogue about this.
The exponential effects of compound interest that are seen by many monetary critics as one of the most significant systemic causes of the redistribution of wealth and of the pressure for economic growth are circumvented by the JAK bank in a unique way. Their secret recipe: in place of interest there is the principle of complementary savings points, one of the JAK banks ingenious and highly developed processes of liquidity and time planning.
The savings and loans model of the JAK Members Bank: savings, loans, amortizing all without interest.
The first concrete steps towards creating the JAK bank model were taken in the middle of the Great Depression of the 1930s. The bank finally established itself in 1970 and has continued to this day. In the meantime, it has been imitated in Finland, Italy and Spain. Also in Germany, where the roots of this idea can be traced back to the Ausgleichskassen (equalizing funds) during the Weimar Republic, there are new initiatives in Stuttgart and Freiburg. However, the JAK bank model is hardly known outside Sweden. Because the giving and taking of interest is forbidden in Islam, the JAK model in Sweden is apparently used by believing Muslims, who see that it offers them the opportunity to take part in the modern money system in a way that is compatible with their beliefs.
https://en.wikipedia.org/wiki/JAK_Members_Bank
The JAK Members Bank, or JAK Medlemsbank, is a cooperative, member-owned financial institution based in Skövde, Sweden, and based on a concept that arose in Denmark in 1931. JAK is an acronym for Jord Arbete Kapital in Swedish or Land Labour Capital, the factors of production in classical economics. A membership of approximately 39,000 (as of December 2015) dictates the Bank's policies and direction. The Board of Directors is elected annually by members, who are each allowed only one share in the bank. JAK Members Bank does not offer any interest on saved money. All of the bank's activities occur outside of the capital market as its loans are financed solely by member savings. Administrative and developmental costs are paid for by membership and loans.
JAK banking employs the "Saving Points" system: members accumulate Saving Points during saving periods and use them when applying for a loan. The concept is that one is allowed to take out a loan for oneself to the same extent as one allows other people to be granted loans, saving into one's account. For this reason (applying for a loan), earned Saving Points must be equal to spent Saving Points to ensure sustainability. If a member is borrowing more saving points than they currently possess, they are obliged to continue accumulating "aftersavings" during the repayment period. Aftersavings are a fixed quota of money that a member must save after one's loan was made, so they can continue to earn Saving Points. This way, at the end of the repayment period, Saving Points earned will be equal to Saving Points spent, and at that time they will be able to have back all their aftersavings. JAK also offers a couple of loans where you do not need any saving points.
snip
The JAK Bank Model
Model of a sustainable money system beyond the growth imperative? The Swedish JAK Bank has been offering interest-free savings, loans and banking services since 1965, with the aim of enabling an interest-free economy. More than 38,000 members of the cooperative bank save with interest-free savings accounts and can thus borrow money from the general fund for the cost of the administration fees only.
The principle is simple: when savers forego income from interest, they also do not need to pay interest when they take a loan. Savings and loans are directly connected in the JAK system through this principle and the bank also encourages its members to have an active dialogue about this.
The exponential effects of compound interest that are seen by many monetary critics as one of the most significant systemic causes of the redistribution of wealth and of the pressure for economic growth are circumvented by the JAK bank in a unique way. Their secret recipe: in place of interest there is the principle of complementary savings points, one of the JAK banks ingenious and highly developed processes of liquidity and time planning.
The savings and loans model of the JAK Members Bank: savings, loans, amortizing all without interest.
The first concrete steps towards creating the JAK bank model were taken in the middle of the Great Depression of the 1930s. The bank finally established itself in 1970 and has continued to this day. In the meantime, it has been imitated in Finland, Italy and Spain. Also in Germany, where the roots of this idea can be traced back to the Ausgleichskassen (equalizing funds) during the Weimar Republic, there are new initiatives in Stuttgart and Freiburg. However, the JAK bank model is hardly known outside Sweden. Because the giving and taking of interest is forbidden in Islam, the JAK model in Sweden is apparently used by believing Muslims, who see that it offers them the opportunity to take part in the modern money system in a way that is compatible with their beliefs.
https://en.wikipedia.org/wiki/JAK_Members_Bank
The JAK Members Bank, or JAK Medlemsbank, is a cooperative, member-owned financial institution based in Skövde, Sweden, and based on a concept that arose in Denmark in 1931. JAK is an acronym for Jord Arbete Kapital in Swedish or Land Labour Capital, the factors of production in classical economics. A membership of approximately 39,000 (as of December 2015) dictates the Bank's policies and direction. The Board of Directors is elected annually by members, who are each allowed only one share in the bank. JAK Members Bank does not offer any interest on saved money. All of the bank's activities occur outside of the capital market as its loans are financed solely by member savings. Administrative and developmental costs are paid for by membership and loans.
JAK banking employs the "Saving Points" system: members accumulate Saving Points during saving periods and use them when applying for a loan. The concept is that one is allowed to take out a loan for oneself to the same extent as one allows other people to be granted loans, saving into one's account. For this reason (applying for a loan), earned Saving Points must be equal to spent Saving Points to ensure sustainability. If a member is borrowing more saving points than they currently possess, they are obliged to continue accumulating "aftersavings" during the repayment period. Aftersavings are a fixed quota of money that a member must save after one's loan was made, so they can continue to earn Saving Points. This way, at the end of the repayment period, Saving Points earned will be equal to Saving Points spent, and at that time they will be able to have back all their aftersavings. JAK also offers a couple of loans where you do not need any saving points.
snip