Big Banks Are Pouring Billions Into Russian ‘Carbon Bomb’ Projects

by | Aug 26, 2022 | Climate & Environment

Volga river oil refinery. Image: Wiki Commons

Big Banks Are Pouring Billions Into Russian ‘Carbon Bomb’ Projects

by | Aug 26, 2022 | Climate & Environment

Volga river oil refinery. Image: Wiki Commons
The authors of a new study are calling on major banks including JPMorgan Chase and HSBC to end their funding of projects by oil and gas companies across Russia.

New research released Wednesday by a Ukraine-based climate action group reveals that while the U.S. is sending another $3 billion in aid to the country amid Russia’s invasion, American banks are among the biggest investors in high-emissions projects which are helping to fund the war as well as pushing the planet toward climate breakdown.

Compiled by the Leave It in the Ground Initiative (LINGO), the new database details the various investors and creditors of Russian “carbon bombs”—extraction projects with the potential to emit at least one billion tonnes of carbon.

Based on its findings, LINGO is calling on major banks including JPMorgan Chase and HSBC to end their funding of such projects by oil and gas companies across Russia.

“We should not be investing in new fossil fuel projects, as the International Energy Agency has confirmed,” LINGO Director Kjell Kühne told The Guardian. “Anybody involved in these projects should be really questioning what they’re doing.”

More than 400 worldwide firms have provided $130 billion in investment and credit to projects by oil and gas companies including Gazprom, Novatek, and Rosneft in recent years.

“This is criminal behavior leading directly to death, destruction, and the continued devastation of our climate and our world.”

Investments make up $52 billion of the funding, and U.S. companies have provided an estimated $23.6 billion of that—approximately half the total.

JPMorgan Chase has provided the largest combination of credit and investment of any U.S. company, pouring $10 billion into projects extracting fossil fuels in the Arctic, Siberia, and other regions.

Qatar’s sovereign wealth fund accounted for the second-largest investment in carbon bomb projects, investing more than $15 billion in Rosneft, which began construction last month on an oil terminal in the Arctic. U.K. companies have invested the third-largest amount recorded by LINGO—a total of $2.5 billion.

Two years after JPMorgan released a pledge to “tackle climate change”—one that was met with skepticism by climate campaigners—the company is still engaging in what climate scientist Bill McGuire called “criminal behavior leading directly to death, destruction, and the continued devastation of our climate and our world.”

In addition to contributing to the heating of the planet—drilling in a region that scientists recently discovered is heating up four times faster than the planet as a whole due to fossil fuel emissions—the companies identified by LINGO are helping to fund Russian President Vladimir Putin’s invasion of Ukraine, which has killed more than 5,500 people and injured more than 7,800 so far.

“This [war] has made really clear that, when you don’t care who you’re doing business with,” Kühne told The Guardian, “it does translate into human suffering and lives lost.”

Republished with permission from Common Dreams, by Julia Conley

<a href="" target="_blank">Common Dreams</a>

Common Dreams

Common Dreams has been providing breaking news & views for the progressive community since 1997. They are independent, non-profit, advertising-free and 100% reader supported.


Submit a Comment

Your email address will not be published.

Related Articles

Visitors on a bridge over the South Yuba River. A 2017 atmospheric river event across Northern California brought rain in quantities equal to those in a megaflood scenario, but the fact that it fell over 80 days prevented a thousand-year event.(California Department of Water Resources)
Sep 12 2022

Climate Change and the Increasing Probabilities of a Megaflood

As historic floods beset several states, a new study finds that warming could make a California “megaflood” more dangerous, and likely, than previously...
Volunteers distributed bottled water after Jackson, Mississippi’s water treatment plant failed during flooding in August 2022. Brad Vest/Getty Images
Sep 10 2022

Climate Change Is Battering America’s Aging Infrastructure

The consequences of inadequate infrastructure maintenance are compounded by climate change, which is accelerating failures with increased flooding, extreme heat and...
Aug 31 2022

The Melting of the Greenland Ice Sheet Poised to Trigger Almost a Foot of Sea-Level Rise

If the world halted planet-heating pollution today, the Greenland ice sheet would still lose more than 3% of its mass in the coming decades. To prevent even worse...
Aug 24 2022

Bayer Faces a Long Line-up of New Roundup Weedkiller Cancer Lawsuits

A long list of upcoming trials are complicating Bayer’s efforts to escape the costly, ongoing litigation over the health effects of Roundup.
The Pine Tree Wind Farm and Solar Power Plant in California's Tehachapi Mountains.(Irfan Khan/TNS)
Aug 21 2022

The Inflation Reduction Act: What Does It Do for State and Local Government, and the Climate?

The most significant climate legislation ever enacted by Congress has become law, without the word “climate” in its title. Here’s how it can benefit state and local...
Jul 23 2022

Origin Park: Transforming a Riverside Wasteland Into a Climate-Adaptive Public Park

Origin Park is a unique urban park set in over 600 acres on the north shore of the Ohio River, located on the Indiana side.
Jul 21 2022

The Toxic Forever Chemicals in Everyday Products Affecting Our Lives and Reproductive Health

Toxic chemicals like PFAS are found in everything from menstrual products, canned foods, receipts, cosmetics, food containers, nonstick pans and many other consumer and...
Jul 18 2022

Climate Emergency: Manchin Blocks Climate Solution Spending, Again

Joe Manchin has once again placed the profits of his donors and his own wallet above the needs of his constituents and the rest of the world by blocking U.S. efforts to...
Jul 13 2022

Climate Emergency: How Hot Is Too Hot for the Human Body?

To answer the question of “how hot is too hot?” researchers brought young, healthy men and women into a lab to experience heat stress in a controlled...
Jul 09 2022

Microplastics Are Everywhere, Including Flathead Lake in Montana

Flathead Lake is the largest body of freshwater in the western U.S. outside of Alaska. It’s known for its water quality, but the clean and clear lake now faces the...
Subscribe for Updates!

Subscribe for Updates!

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!

Pin It on Pinterest

Share This