The call is urgent: «Big money is fueling the arctic crisis,» according to a report by Reclaim Finance. The non-governmental organization says that 599 oil and gas fields are being developed, explored or are already operating in the endangered area.

Without the financial industry’s support, this wouldn't be possible it says, which contrasts starkly with the industry’s ambition to meet the Paris climate goals and to transition to a net-zero economy. 

J.P. Morgan is the Top Backer

The NGO’s report shows that between 2016 and 2020 banks provided more than $314 billion in funding to oil and gas companies. J.P. Morgan's exposure was the highest, amounting to $18.6 billion. Credit Suisse is reported to have provided $4.1 billion in funds, while UBS does not appear among the 30 banks listed.

The report criticizes that although many banks have policies in place which restrict them from financing companies such as Gazprom and Conoco Phillip or Shell directly, when it comes to including these companies in investment portfolios, banks, asset managers and insurers have practically no restriction criteria.

Double Standards 

As of March this year, investments in oil and gas companies by 30 financial institutions in the report came to $162 billion. Asset managers Blackrock and Vanguard were the heavyweights at the top, whereas Credit Suisse and UBS are reported to have invested $3.6 billion and $2.9 billion respectively.