Major U.S. banks continue to finance oil and gas industry, study says

JPMorgan Chase
JPM,
+1.35%
Citigroup
C,
+1.22%
and Bank of America
BAC,
+1.58%
collected the most fees from the oil, gas and coal sectors in the past six years, according to a Bloomberg study released Monday. The news service said these and other major banks have drawn in at least $17 billion in fees and floated about $4 trillion in loans for fossil fuels since the Paris Agreement on climate was reached in 2015. So far in 2021, major banks helped generate $459 billion in bonds and loans for the oil, gas and coal businesses, according to Bloomberg data. The banks at the time time led $463 billion worth of green bonds and loans. The study comes ahead of the UN Climate Summit starting Oct. 31 in Glasgow.