Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

Global Banks, Led by JPMorgan Chase, Invested $1.9 Trillion in Fossil Fuels Since Paris Climate Pact

Business
Global Banks, Led by JPMorgan Chase, Invested $1.9 Trillion in Fossil Fuels Since Paris Climate Pact
JPMorgan Chase building in New York City. Ben Sutherland / CC BY 2.0

By Sharon Kelly

A report published Wednesday names the banks that have played the biggest recent role in funding fossil fuel projects, finding that since 2016, immediately following the Paris agreement's adoption, 33 global banks have poured $1.9 trillion into financing climate-changing projects worldwide.


The top four banks that invested most heavily in fossil fuel projects are all based in the U.S., and include JPMorgan Chase, Wells Fargo, Citi and Bank of America. Royal Bank of Canada, Barclays in Europe, Japan's MUFG, TD Bank, Scotiabank and Mizuho make up the remainder of the top 10.

This report comes as March has already brought deadly weather to places such as the American Midwest, where historic flooding has left four dead and farm losses could reach $1 billion, and Mozambique, where Tropical Cyclone Idai has devastated the East African country and President Filipe Nyusi estimated that more than a thousand people are likely dead.

Both disasters have been linked to climate change. "Increased flooding is one of the clearest signals of a changing climate," said 350.org co-founder Bill McKibben in a statement published by ThinkProgress, adding that flooded Nebraska's "current trauma is part of everyone's future."

Nebraska National Guard

"One inescapable finding of this report is that JPMorgan Chase is very clearly the world's worst banker of climate change," the report, titled "Banking on Climate Change," found. "The race was not even close: the $196 billion the bank poured into fossil fuels between 2016 and 2018 is nearly a third higher than the second-worst bank, Wells Fargo."

A half-dozen environmental groups — Rainforest Action Network, BankTrack, Sierra Club, Oil Change International, Indigenous Environmental Network and Honor the Earth — authored the 2019 report, which was endorsed by 160 organizations worldwide. It tracked the financing for 1,800 companies involved in extracting, transporting, burning, or storing fossil fuels or fossil-generated electricity and examined the roles played by banks worldwide.

Global Snapshot of Fossil Fuel Sector Finance

Total fossil fuel financing, in billions of U.S. dollars, by bank and year, 2016-2018.

Banking on Climate Change 2019 Report

Past report cards by the groups have focused only on coal, or on "extreme" fossil fuel projects, like tar sands extraction, ultra-deepwater oil drilling, and coal mining, and power generation. 2019's report card expands, for the first time, to cover the fossil fuel sector as a whole.

This year's report card also dived deep into lending to shale oil and gas companies for the first time, finding that Wells Fargo and JPMorgan Chase "are the biggest bankers of fracking overall — and, in particular, they support key companies active in the Permian Basin, the epicenter of the climate-threatening global surge of oil and gas production."

JPMorgan Chase also provided the most financing to LNG projects, Arctic oil and gas projects, and ultra-deep-water oil and gas extraction, the report concluded. The Royal Bank of Canada topped the list on tar sands oil financing.

"Coal mining finance is dominated by the four major Chinese banks, led by China Construction Bank and Bank of China," the 2019 report found, adding that Bank of China provided the most financing to coal power projects as well.

On March 19, China's State Development & Investment Corp., listed as one of the report's top coal power companies, reportedly confirmed that it would stop investing in thermal coal power plants three years ahead of schedule.

"Since the Paris Agreement, JPMorgan Chase has provided $196 billion in finance for fossil fuels," the groups wrote, "10 percent of all fossil fuel finance from the 33 major global banks."

A JPMorgan Chase spokesperson declined to comment.

In 2017, JPMorgan Chase pledged to "facilitate $200 billon in clean financing through 2025," adding that it had helped finance $18 billion of wind, solar, and geothermal projects between 2003 and 2017.

Barclays, which offered a total of $109 billion for fossil fuel projects, topped the 2019 report's list of "worst in Europe," followed by HSBC, with $77 billion in financing.

More Money for Fossil Fuels Since Paris Agreement

All told, financial backing for fossil fuel projects has grown, not shrunk, each year since the Paris agreement, the report found. Banks provided $612 billion for fossil projects in 2016, $646 billion in 2017, and $654 billion in 2018.

That's despite the fact that Article 2 of the Paris agreement calls for "[m]aking finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development" — and in the run-up to Paris, major banks positioned themselves as supporting a strong global response to climate change.

"Scientific research finds that an increasing concentration of greenhouse gases in our atmosphere is warming the planet, posing significant risks to the prosperity and growth of the global economy," JPMorgan Chase Bank, Bank of America Corp., Wells Fargo, Citibank, Goldman Sachs and Morgan Stanley wrote in a 2015 statement. "As major financial institutions, working with clients and customers around the globe, we have the business opportunity to build a more sustainable, low-carbon economy and the ability to help manage and mitigate these climate-related risks."

In 2017, JPMorgan CEO Jamie Dimon told CNBC that he opposed President Trump's plan to pull the U.S. out of the Paris Agreement.

Guerrilla street painting against fossil fuel pipeline investment outside Wells Fargo World Headquarters in San Francisco, Nov. 6, 2017.

Peg Hunter /Flickr / CC BY-NC 2.0

Activist pressure campaigns focused on individual banks have recently claimed successes. This week, JPMorgan Chase and Wells Fargo both announced plans to stop financing private prisons, which Moody's Investment Services said in a comment "builds on the trend of negative publicity and uncertainty prevalent in the sector."

The past year has brought increasing awareness of climate-related risks in some financial circles — but banks headquartered in the U.S. and Canada have lagged behind.

"According to a survey conducted by Boston Common Asset Management in 2018, European banks are far ahead of large banks in the U.S. and Canada in implementing climate-related risk assessments," American Banker reported in January. "Specifically, 80 percent of European banks surveyed are, in some way, stress-testing their loan and investment portfolios for a 2-degree-Celsius increase in global temperatures, versus just 44 percent of banks in North America."

A report issued last month by U.S.-based Morgan Stanley tallied $650 billion in climate-related disasters over the past three years — and predicted $54 trillion in damages worldwide by 2040, citing figures from the UN. "We expect the physical risks of climate change to become an increasingly important part of the investment debate for 2019," the Morgan Stanley strategists wrote.

The Banking on Climate Change report finds that nonetheless, Morgan Stanley offered fossil fuel companies $19.48 billion in financing in 2018 (down from $23.7 billion the prior year), making it the world's 11th largest financier of fossil fuel projects.

"Alarming is an understatement," said lead author Alison Kirsch, a Rainforest Action Network researcher. "This report is a red alert."

Reposted with permission from our media associate DeSmogBlog.

Asian elephants have been added to a list of species that need migratory protection. Steve Evans / Wikimedia Commons / CC by 2.0

By Karin Jäger

"They begin on a fall night, preferring the light of a full moon … Driven by the currents, they're pulled to the mouth of the river and out into the ocean," writes the WWF, rather poetically, of the European eel's long journey from the rivers of Central Europe to the far reaches of the Atlantic Ocean.

Read More Show Less

EcoWatch Daily Newsletter

Vampire bats avoid other bats when they're feeling unwell. Uwe Schmidt / Wikimedia Commons / CC by 4.0

Scientists found that vampire bats in the wild will socially distance when they feel sick, according to a new study published in the journal Behavioral Ecology.

Read More Show Less

Trending

Do you feel embarrassed due to the foul odor coming from your mouth? Or your oral hygiene isn't as good as before, and you are suffering from gingivitis (inflammation of gums)?

Well, these oral problems are skyrocketing, and even young people are suffering from oral issues that result in a lack of confidence.

It's common to change your toothpaste by seeing the TV commercials that claim to free you from bad breath or sensitive teeth, but these products don't always work.

Fighting oral issues isn't that easy, even if you religiously follow what your primary school teacher has taught, to "Brush two times a day!"

Well, there is a much-hyped supplement in the market that claims to help you fight all of these oral issues: The Steel Bite Pro.

Steel Bite Pro is an oral supplement that claims to cure bad breath and other such oral issues like sensitivity and gum problems.

But does the supplement really work, or is it just like the useless toothpaste that you tried before? Let's find out in this review.

Who Should Use Steel Bite Pro?

The best part about Steel Bite Pro is that anyone can use the supplement to get rid of oral issues. The supplement contains natural ingredients such as turmeric, zinc, alfalfa, jujube seeds, and much more, so there are no chemicals at all.

No matter whether you are 20 or 60, you can use this supplement to overcome oral issues and get the confidence back that you are missing due to bad odor and sensitive teeth.

Steel Bite Pro Review: Overview of the Supplement

Steel Bite Pro is an all-natural supplement that contains a mix of natural supplements to rebuild your gums and teeth.

The supplement contains 29 different foods that help you reduce the gum pain and other dental problems you have been facing for years.

More than 55,000 people have used Steel Bite Pro till now, and the results of the supplement are pretty impressive. Furthermore, the supplement is prepared in an FDA-approved facility in the USA.

It is available in the form of pills that you can consume anytime, so using the supplement is incredibly convenient. There are numerous benefits of using the Steel Bite Pro as it solves a plethora of dental problems.

Click here to Get the Best Deal on Steel Bite Pro from the Official Website.

Pros and Cons: Steel Bite Pro

To understand the supplement better, it is essential to know about its pros and cons.

Pros

Convenient to Use

The dietary supplement is convenient to use as it comes in the form of pills. You can take the pill anytime, even when you are in your office or somewhere else. Now there is no need to use multiple kinds of toothpaste and splurge money by visiting a dentist.

All-Natural Ingredients

All the ingredients present inside the supplement are natural, and there are no chemicals that can harm your teeth or gums.

Affordable

When you compare the cost of 1 bottle with the cost of a special toothpaste with the fee that your dentist charges, Steel Bite Pro will seem much more affordable. The supplement is available in multiple packages, so you will find it affordable to use.

No Side Effects at All

There are no side effects to using Steel Bite Pro, so you can rest assured that you won't face any headaches or other issues while curing the oral issues. The reason why Steel Bite Pro has no side effects is due to its natural ingredients.

Designed by Experts

The supplement is designed by experts that have been in the industry for years.

No Additional Medicines Are Required

When you are using Steel Bite Pro, you can avoid using other medicines that you have been taking to cure oral issues.

Attacks on the Pain

There are several ingredients present in Steel Bite Pro that attack tooth and gum pain so that you get some instant relief with the supplement.

Comes With a Money Back Guarantee

The supplement comes with a 60-day money back guarantee, so you can claim a full refund if you find the supplement isn't working for you, or if it isn't doing what the manufacturer has promised.

Cons

You Can Purchase It From the Official Site Only

The supplement is only available for purchase from the Official Website. Sometimes the supplement gets out of stock, so you have to wait for it to get back in stock.

A Single Bottle Costs More

If you buy a single bottle of the supplement, it'll cost you more than other packages with multiple bottles.

Ingredients in Steel Bite Pro

All the ingredients present in Steel Bite Pro are natural and have proven benefits for humans. Here is a list of supplements explained in detail and how they can benefit you if you start using Steel Bite Pro.

Turmeric

As per a study, there are innumerable benefits of using turmeric on your teeth. The natural herb has antimicrobial properties that help remove the plaque effectively from the teeth, exterminate bacteria and help cure sensitivity.

Moreover, turmeric is good for fighting oral inflammation issues. When applied on teeth, the ingredient gives instant relief from pain and is effective in curing mouth ulcers as well.

Berberine

Berberine is a natural herb with proven antioxidant power to help you get rid of microorganisms developing inside the mouth. Furthermore, the ingredient has anti-inflammatory properties and is good for curing oral issues caused due to viruses and bacteria.

Yarrow

It is another natural ingredient that is used in a range of health supplements due to its healing power. The ingredient naturally heals the gums and the damage caused to the teeth by bacteria and microorganisms.

As per a study, it helps reduce the infection, oral pain, and cures other dental issues.

Milk Thistle

Your liver has a significant impact on your oral health, and that's where milk thistle works. The natural ingredient eliminates toxins from the liver and detoxifies your mouth as well.

Here is a study that proves how milk thistle is beneficial in detoxifying the liver.

Alfalfa

The decaying of teeth is the initial phase of damage caused by bacteria thriving inside your mouth. Alfalfa works by reducing tooth sensitivity drastically and repairs the tooth decay caused by the bacteria.

It even stops the bacteria from growing further so you can expect good oral health.

Ginger

A lot of natural supplements for teeth contain ginger because of its benefits on the teeth and the stomach. This ingredient present in the Steel Bite Pro reduces nausea and inflammation.

As per this study, there are umpteen other benefits of ginger as well, such as it maintains the pH inside your mouth.

Jujube Seeds

Jujube seeds are good for boosting the immunity. Also, the ingredient has excellent antioxidant properties and is rich in Vitamin C, which is beneficial for the teeth and overall oral health.

Dandelion

Dandelion is a natural ingredient extracted from herbs. The ingredient is rich in minerals and has immense benefits such as fighting the bacteria and preventing the infections occurring inside your mouth.

Zinc

Zinc is essential for teeth, and that is why many toothpaste brands advertise that their product contains a good amount of zinc. Further, zinc is a natural immunity booster and fights against bacteria to prevent gum disease and cavities.

Moreover, zinc repairs the enamel on your teeth that's damaged due to toothpaste or any other reasons. Here is a study that shows the benefits of zinc for your teeth and mouth.

Chicory Root

Chicory root acts as a catalyst and increases the effectiveness of other ingredients. The reason why you get instant relief from pain after using Steel Bite Pro is due to the presence of chicory root in the pills.

Celery Seeds

Bacteria result in bad odor and can create cavities in the teeth. Furthermore, some bacteria result in tooth decay and harm the gums. The celery seeds fight these bacteria and prevent further growth.

Yellow Dock

To stay healthy, the teeth need to absorb the minerals present in the saliva. When your teeth are damaged for any reason, they stop absorbing the minerals, and the damage continues further.

Yellow dock helps the teeth to absorb the minerals while reducing the inflammation. Various studies have proven the efficacy of yellow dock for teeth and gums, and it is a natural and effective ingredient to keep the teeth healthy.

Raspberry, Chanca Piedra, and Artichoke

These three natural ingredients have similar properties and contribute a lot to the effectiveness of Steel Bite Pro. The ingredients have good amounts of vitamins and minerals, including Vitamin K, Vitamin C, magnesium, phosphorus, and folate.

The purifying agents will remove bacteria and other impurities from the mouth so that the other ingredients work well by repairing the teeth and gums.

Feverfew

The worst thing about oral issues is the pain that you have to go through. Steel Bite Pro claims to help with the pain as it contains feverfew, which is a natural pain reliever. The ingredient suppresses oral and dental pain so you will feel better instantly.

As per a study, there are some other benefits of feverfew, because it is a medicinal plant that suppresses other pains as well. Also, there are no side effects of feverfew at all.

Burdock Root

The root of the burdock plant comes loaded with antioxidants that improve the gum health and the overall health of your mouth.

The best thing about Steel Bite Pro is that the ingredients are present in exact quantities, so you can rest assured that there will be no side effects. Every ingredient is tested in the labs for its efficiency, and that's what makes the Steel Bite Pro a considerable option if you want to improve your oral and dental health.

Click here to See the full list of ingredients in Steel Bite Pro on the official website.

How Does Steel Bite Pro Work?

It is crucial to understand how the supplement works so that you can decide whether to invest in it or not. Below is a step by step process that will help you understand Steel Bite Pro on the go.

Step 1:

When you start consuming the supplement, the pills break down in your mouth. The ingredients then mix with saliva to perform their particular actions.

Step 2:

The ingredients fight the bacteria and heal issues such as wounds while reducing the inflammation caused in the mouth.

Step 3:

The supplement cements the root of the teeth so that there are no further oral and dental issues. Also, it heals the gums and repairs the enamel to provide you relief from sensitivity.

The minerals present in these ingredients strengthen the crown area of the teeth while repairing the cracks so that the damage can be stopped.

Step 4:

The supplement also has some impact on your overall health as the ingredients detoxify the liver by flushing away the toxins.

Step 5:

Consuming the supplement regularly will help you maintain the shield on the teeth that fights against bacteria and microorganisms. Also, it improves the condition of the teeth and curtails bad breath.

The working of Steel Bite Pro is really simple, as there are no complex ingredients present in the supplement. It is easy to use, and all you have to do is consume the pill regularly to keep your oral and dental health up to the mark.

Benefits of Steel Bite Pro

There are many benefits of using Steel Bite Pro since it is an all-natural supplement that has no side effects at all. Here are some benefits you need to consider before buying it.

Prevents Bleeding and Improves Gum Health

The reason why your teeth bleed is due to the loose gums. The space between the tooth and the gum results in bleeding, and that's where Steel Bite Pro helps. The supplement tightens the gums so that there is no bleeding at all.

Whitens the Teeth Naturally

The ingredients present in the supplement, such as zinc and milk thistle, whiten the teeth naturally. There is no need to invest in expensive teeth whitening toothpaste if you are using Steel Bite Pro.

Reduces Bad Breath

The supplement contains ingredients that improve the overall health of the teeth, and it automatically reduces bad breath.

Helps Cure Tooth Pain

Steel Bite Pro has feverfew, which is a natural pain reliever ingredient. The ingredient cures tooth and gum pain and can have instant results after you consume Steel Bite Pro.

Click here to Learn more about the Benefits of Steel Bite Pro on the official website.

Side Effects of Using Steel Bite Pro

You may find it surprising, but Steel Bite Pro has no side effects at all as the supplement contains natural ingredients and has exact quantities so that there are no ill effects on your health. If you keep using the supplement as prescribed, then it can have some excellent results.

Who Should Refrain from Steel Bite Pro?

Steel Bite Pro is an all-natural dietary supplement to improve your dental and oral health.

Anyone can use the supplement, including pregnant women and breastfeeding mothers. There are no harms of using the supplement.

However, it would be great to consult a doctor before using the supplement to find out if you are allergic to any of the ingredients.

Dosage and Tips to Start

To get the most from Steel Bite Pro, you should consume two pills with water every day. Take both capsules together anytime that's convenient for you.

To get the best results, follow a brushing regime, and massage your teeth regularly with some good-quality oil to increase the effectiveness of the pills.

Where to Buy Steel Bite Pro, and Guarantees?

You can only buy Steel Bite Pro from the Official Site, as the supplement is not available anywhere else for purchase. You can choose from three available options:

●1 bottle (60 pills) $69

●Three bottles (180 pills) $117

●Six bottles (360 pills) $294 (Best Deal)

You get a 60-day money back guarantee with all the packages, no matter if you go for one bottle or six bottles. You are eligible to claim the full refund within 60 days of the date of purchase.

Steel Bite Pro Reviews: Closing Thoughts

After this definitive review, it will be easier for you to find out whether you should use Steel Bite Pro or not. The supplement contains a mix of 29 natural ingredients that have proven benefits and are tested in labs.

It is essential to get rid of oral and dental issues before things get out of control and you have no option left despite visiting a dentist.

Getting a good quality supplement is essential, so Steel Bite Pro is a viable option if you need a supplement with no side effects.

Anyone can use this supplement irrespective of age, sex, and medical conditions. Lastly, buy the supplement only from the official site so that you can easily claim the refund if required.

Click here to Get the best deal on Steel Bite Pro from the official website.

A pumpjack in North Dakota. Feifei Cui-Paoluzzo / Moment / Getty Images

North Dakota has found a controversial use for federal coronavirus relief money: using it to fund fracking.

Read More Show Less
A ghost forest in Nags Head Woods, North Carolina on Oct. 16, 2017. NC Wetlands / CC BY 2.0


Along the Atlantic coast, ghost forests provide haunting signs of sea-level rise. These stands of bleached and broken tree trunks are all that remain after salty water inundates a forest.


Matt Kirwan is with the Virginia Institute of Marine Science. He says ghost forests are not a new phenomenon, but they're moving inland faster as seas rise.

"Eventually they'll fall apart and become stumps surrounded by marshland," he says. "And so when you see a ghost forest now, you're seeing where the marsh will be in the future."

Marshes are valuable ecosystems, so in some ways, that's positive.

"Ghost forests are a surprising indicator of ecological resilience in coastal systems," Kirwan says. "They mark how marshes naturally migrate in response to sea-level rise."

But that migration comes at a cost.

"Places that people have lived for hundreds of years are becoming too wet and too salty to grow crops on, in some cases," Kirwan says. "And of course, the forest resources are being lost. And in some cases, people are forced to move from their homes as the land becomes too flooded."

So ghost forests have become eerie symbols of rapid change.

Reposted with permission from Yale Climate Connections.

Support Ecowatch