Citigroup Inc. and Bank of America Corp. have done more to support the expansion of fossil fuel companies than any other lender that claims to aim for net-zero emissions financed, according to a new analysis that compares industry promises with action.
The Wall Street firms, which joined the Net Zero Banking Alliance when it was founded in April 2021, have since contributed at least $53 billion in combined lending and underwriting to oil, gas and coal firms whose operations are still underway. growing, according to a study carried out by Recuperar Finanzas. Citi was responsible for $31 billion of that, the French nonprofit said.
The findings are part of…