Ministers have stressed that oil and gas drilled in UK waters will be a “transition fuel” to power the country until more renewables come on stream.
InfluenceMap’s analysis found that JP Morgan was the biggest enabler of fossil fuel financing with $81bn between 2020 and 2021, followed by Citigroup with $69bn and Bank of America with $55bn.
Despite setting a 2030 target to reduce power sector emissions, it said that JP Morgan increased its financing of coal production from $1.28bn in 2020 to $3.08bn in 2021.
A JP Morgan spokesman said it facilitated more than $100bn for green activities such as renewable energy, energy efficiency and sustainable transportation in 2021, doubled its green investment banking activity and was the largest underwriter of green bonds.
“These efforts help put us well on our way to our target of $1 trillion for green initiatives over 10 years. We are also taking pragmatic steps to meet our 2030 emission reduction targets in oil and gas, electric power and automotive manufacturing, while helping the world meet its energy needs securely and affordably,” he said.
Sir Christopher is known for donating large sums to charity and is a major financial backer of Extinction Rebellion. He once described himself as an “unbelievable moneymaker” during his record-breaking divorce proceedings in 2013.