Bloomberg

Wall Street holds fast to fossil fuels as climate pressure grows

NEW YORK, NEW YORK - SEPTEMBER 30: Traders work on the floor of the New York Stock Exchange (NYSE) on September 30, 2021 in New York City. Foto: Spencer Platt/Getty Images/AFP

With the ink hardly dry on a landmark pledge by the finance industry to fight climate change, the world's biggest banks are making clear they plan to stand by their fossil-fuel clients.

Take JPMorgan, the leading arranger of bonds for oil, gas and coal companies. In the weeks since the bank in October joined Mark Carney's global alliance to achieve net-zero emissions from finance, it has underwritten some $2.5 billion in bond deals for companies like Gazprom and Continental Resources, equivalent to the same period in previous years...

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