Fracked oil and gas companies around the world received billions of dollars in finance each year from major investment banks. Leading the list of major bankers is the American multinational Wells Fargo, having financed fracking companies with more than 62.5 billion U.S. dollars between 2016 and 2021.
The Paris Agreement, which came into effect in 2016, had objectives such as making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. Since then, Wells Fargo has invested an average of roughly ten billion U.S. dollars per year in fracking companies. Outside of U.S. based firms, the British multinational investment bank Barclays ranked fifth. This bank invested 27.1 billion U.S. dollars during the period of consideration, with annual investment reaching 3.12 billion U.S. dollars in 2021.
Leading investment banks for fracked oil and gas companies from 2016 to 2021
(in billion U.S. dollars)
Bank financing for 30 top fracking companies and ten key fracked oil and gas pipeline companies were analyzed by the source.
Figures before 2021 were taken from previous reports.
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Rainforest Action Network. (April 5, 2022). Leading investment banks for fracked oil and gas companies from 2016 to 2021 (in billion U.S. dollars) [Graph]. In Statista. Retrieved October 14, 2024, from https://www.statista.com/statistics/1130516/top-bankers-for-fracking-companies-globally/
Rainforest Action Network. "Leading investment banks for fracked oil and gas companies from 2016 to 2021 (in billion U.S. dollars)." Chart. April 5, 2022. Statista. Accessed October 14, 2024. https://www.statista.com/statistics/1130516/top-bankers-for-fracking-companies-globally/
Rainforest Action Network. (2022). Leading investment banks for fracked oil and gas companies from 2016 to 2021 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: October 14, 2024. https://www.statista.com/statistics/1130516/top-bankers-for-fracking-companies-globally/
Rainforest Action Network. "Leading Investment Banks for Fracked Oil and Gas Companies from 2016 to 2021 (in Billion U.S. Dollars)." Statista, Statista Inc., 5 Apr 2022, https://www.statista.com/statistics/1130516/top-bankers-for-fracking-companies-globally/
Rainforest Action Network, Leading investment banks for fracked oil and gas companies from 2016 to 2021 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1130516/top-bankers-for-fracking-companies-globally/ (last visited October 14, 2024)
Leading investment banks for fracked oil and gas companies from 2016 to 2021 (in billion U.S. dollars) [Graph], Rainforest Action Network, April 5, 2022. [Online]. Available: https://www.statista.com/statistics/1130516/top-bankers-for-fracking-companies-globally/