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A report released today by Rainforest Action Network, BankTrack, Sierra Club and Oil Change International, in partnership with 28 organizations around the world, reveals that the world's biggest banks are continuing to fuel climate change through the financing of extreme fossil fuels. The report finds that 2016 actually saw a steep fall in bank funding for extreme fossil fuels -- however despite this overall reduction, banks are still funding extreme fossil fuel projects at a rate that will push us beyond the 1.5 degrees climate change limit determined by the Paris Climate Agreement.
In 2014, the banks analyzed in the report funneled USD $92 billion to extreme fossil fuels. In 2015, that number rose to $111 billion. 2016 was the first full calendar year to be studied since the signing of the Paris Climate Agreement -- and the $87 billion figure represents a 22 percent drop from the previous year. While the drop-off is a move in the right direction, it is vital that this become an accelerating trend and not a blip. The findings show that if we are to have any chance of halting catastrophic climate change and reaching the Paris goal of limiting climate change to 1.5 degrees, there must be a complete phaseout of these dangerous energy sources and banks must implement policies against extreme fossil fuel funding.
"Right now, the biggest Wall Street funder of extreme fossil fuels is JPMorgan Chase. In 2016 alone they poured $6.9 billion into the dirtiest fossil fuels on the planet," said Lindsey Allen, executive director of Rainforest Action Network. "On Wall Street they are number one in tar sands oil, Arctic oil, ultra-deepwater oil, coal power and LNG export. Even in this bellwether year when overall funding has declined, Chase is funneling more and more cash into extreme fossil fuels. For a company that issues statements in favor of the Paris Climate Accord, they are failing to meet their publicly stated ambitions."
The report, Banking on Climate Change, is the eighth edition of this fossil fuel finance report card that ranks bank policies and practices related to financing in the most carbon-intensive, financially risky, and environmentally destructive sectors of the fossil fuel industry. Those sectors are: extreme oil (tar sands, Arctic, and ultra-deepwater oil), coal mining, coal power, and liquefied natural gas (LNG) export.
Yann Louvel, BankTrack's climate and energy campaign coordinator said, "There is simply not enough time left for more excuse-making, more fiddling at the policy edges and more egregious bank investments in extreme infrastructure projects like pipelines that transport tar sands oil. When we sit in meetings with bank staff, we hear of their revulsion to Trump's stance on climate change and of their support for clean investments, yet their actions of continued investments in extreme fossil fuels demonstrate that they actually side with the Trump approach. The climate and profit imperatives for banks can coincide when it comes to clean energy investing, but as they continue to prove with their shortsighted fossil fuel investments, they're at complete odds with the world's long-term climate targets."
The report also explores bank failures when it comes to protecting human rights. The most glaring example of this in 2016 was the financing for the Dakota Access Pipeline (DAPL) and the rampant violations of Indigenous rights associated with that project -- which triggered an Indigenous-led defund and divest movement that targets banks that finance dirty energy projects.
"The movement standing up to fossil fuel projects wherever they are proposed has gotten so large that these investments are now not only problematic from a climate and human rights perspective, but they're also risky investments from an economic perspective too," said David Turnbull, campaigns director at Oil Change International. "Our research has shown that any new fossil fuel development runs counter to our climate goals. If banks want to truly be leaders in their field, they need to stop ignoring climate risk and ensure their investments pass the climate test."
In this past year alone, San Francisco, Seattle, WA, and Davis, CA, pulled their money out of Wells Fargo because of the bank's various misdeeds including the funding of DAPL. Caving into public pressure, multiple major banks have announced that they are pulling out of DAPL, which emphasizes the need for proactive bank policies that restrict financing to fossil fuels and the human rights abuses associated with their extraction and transport.
"As the Trump administration continues to make reckless decisions that threaten our climate, it is more important than ever that the public is informed about whether the financial institutions we trust with our money are making investments that will worsen this crisis," said Lena Moffitt, senior campaign director of the Sierra Club's Our Wild America campaign. "The people are watching where and what banks sink their funds into, and they will not back down until every last one commits to investing in a future that benefits their communities, their economies, and their health."
Additional quotes from partner organizations in support of the report:
Shin Furuno, 350.org Japan Divestment campaign comments: "The research shows that major Japanese banks are failing to integrate climate risk in their investment decisions. Starting with an immediate freeze on new fossil fuel financing, banks should divest from fossil fuels in line with keeping global warming well below 2 degrees. If Japanese banks continue to invest in coal and extreme fossil fuels, they risk becoming saddled with stranded assets and will face a backlash from investors and customers alike. "
Jenny Marienau, 350.org's US campaigns director said: "There's no question that funding climate change is a deadly investment strategy. Yet banks around the world are funneling billions of dollars into the fossil fuel projects leading us closer to catastrophic warming every day. Movements like the Indigenous-led effort to Defund DAPL are rightfully pressuring banks to divest from infrastructure like the Dakota Access pipeline that puts profits before human rights and a livable future. It's up to us to resist these disastrous projects, push back on these fatal investments, and build the renewable energy solutions we need."
Kuba Gogolewski, finance campaigner at Polish Foundation "Development YES - Open-Pit Mines NO" said: "Funding companies that are developing new coal mines and power plants and planning more projects in the future is clearly at odds with climate science. It is just a question of time when communities impacted by climate change will start suing not only the companies developing coal projects but also the banks providing finance to build them."
Vanessa Green, director of DivestInvest Individual said: "This report is a well-timed reality check for the executive leadership at these banks, and for their investor and retail consumer audiences. While policies and promises can land in gray areas, these extreme fossil fuel financing numbers show that in practice banks are saying one thing about meeting Paris Agreement goals, and doing another. Fortunately, investors and consumers are paying close attention and moving their money to financial institutions with more integrity."
Diana Best, senior climate and energy campaigner with Greenpeace US added: "People across the planet are waking up to the role and responsibility of large banks in the proliferation of fossil fuel extraction, development, and transport. In many cases, these very same banks have policies acknowledging the urgency of climate change and their commitment to the rights of indigenous communities. It is time for these banks to put their money where their mouth is and stop financing projects and companies that contribute to climate change, undermine clean air and water, and violate the rights of Indigenous people and frontline communities. Their words are only as strong as their actions and their actions are simply not enough."
Matt Remle (Lakota), editor of Last Real Indians and co-founder of Mazaska Talks said: "It is our collective duty towards Ina Maka (Mother Earth) and the next generations that we hold financial institutions responsible in ensuring that they are not financing projects like DAPL, tar sands pipelines, fracked gas plants, coal and other institutions that adversely impact Indigenous, low-income and communities of color such as private prisons and immigration detention centers. It is important, and necessary, to illuminate just exactly where these institutions are investing our money."
Julien Vincent, Market Force's executive director, said: "The banks featured in this report have it within their power to avoid runaway climate change if they decided to. They have power of life or death over polluting fossil fuel companies. Their decisions make or break coal, oil and gas projects that threaten our chances of a safe climate future. But the banks are still accountable to us, and citizens need to engage these institutions to demand that they keep our money away from destructive new fossil fuel projects, investing instead in the clean, renewable energy future we desperately need."
Rachel Heaton, a member of the Muckleshoot Indian Tribe and co-founder and organizer for Mazaska Talks, said: "It is up to us to make sure we are securing a future for our generations to come. We are here to put pressure on these financial institutions and hold them responsible to act in morally and socially productive ways that support Mother Earth. At a minimum there should be standards in place to support the well-being and survival of Indigenous peoples of the world, communities of color, and those negatively impacted by the decisions of these institutions -- standards that are not only limited to fossil fuel investments, but also shady banking practices, the financing of private prisons, and other harmful impacting situations."
Sonia Hierzig, research officer at ShareAction said: "ShareAction warmly welcomes the launch of this report. It will present a useful resource for investors engaging with their holdings in the banking sector on climate change, as it will allow them to scrutinise the banks' exposures to extreme oil, coal mining and power, and LNG export."
Christina Beberdick, coal campaigner at the German NGO Urgewald, adds: "In countries like the Philippines and Vietnam we see that banks are financing companies that build entirely new coal-fired power plants, making these countries dependent on coal for decades to come. Banks and investors must stop financing coal expansion companies immediately. The climate targets of Paris will otherwise not be met. Next week, Urgewald and partners will launch the first ever list of major companies planning new coal power plants worldwide. This new forward-looking divestment tool helps banks and investors to get rid of coal."
Donny Williams, from We Are Cove Point, commented: "It's important to hold banks accountable for the roles they play in taking away people's health, safety and well-being through these energy projects. A loss or change in financing can be enough to cancel a project that would negatively impact broad swaths of people and ecosystems. Through creative direct actions, public protest and educational tools, We Are Cove Point has worked to make it harder for Dominion to find the funding it needs to build its export terminal in our community. We're happy to see this report come out, which will hopefully make it easier for banks to stop funding these harmful projects and easier for impacted people to more effectively attack the finances behind them."
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Rainforest Action Network has a 30+ year history challenging corporate power and systemic injustice to preserve forests, protect the climate and uphold human rights through frontline partnerships and strategic campaigns. For more information, please visit: www.ran.org
BankTrack is the global tracking, campaigning and NGO support organisation targeting the operations and investments of international commercial banks. For more information, please visit: www.banktrack.org
The Sierra Club is America's largest and most influential grassroots environmental organization, with more than 3 million members and supporters nationwide. In addition to creating opportunities for people of all ages, levels and locations to have meaningful outdoor experiences, the Sierra Club works to safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and litigation. For more information, visit https://www.sierraclub.org.
Oil Change International is a research, communication, and advocacy organization focused on exposing the true costs of fossil fuels and facilitating the ongoing transition to clean energy. For more information, please visit: www.priceofoil.org
This report was written In collaboration with: 350.org, Bold Alliance, CHANGE, CoalSwarm, DivestInvest Individual, Earthworks, FairFin, Friends of the Earth Scotland, Friends of the Earth U.S., Fundacja "Rozwoj TAK Odkrywki NIE" (Foundation Development YES - Open-Pit Mines NO), Greenpeace USA, Honor the Earth, Indigenous Climate Action, Indigenous Environmental Network, Last Real Indians, Les Amis de la Terre France, Market Forces, Mazaska Talks, MN350, People & Planet, Re:Common, Save RGV from LNG, ShareAction, Stand.earth, SumOfUs, urgewald e.V., We Are Cove Point, and West Coast Environmental Law.
"As a result of your strong grassroots organizing, you have defeated the wealthiest person on earth," said Sen. Bernie Sanders to the state's voters after the Supreme Court race was called. "You have set an example for the rest of the country."
The battle over a seat on the Wisconsin Supreme Court was settled decisively on Tuesday night as the Democratic favorite Susan Crawford dispatched with far-right favorite Brad Schimel, a candidate backed by tens of millions of dollars in outside money and corporate interests, including an estimated $20 million or more from President Donald Trump sycophant and world's wealthiest individual Elon Musk.
As of this writing, Crawford, a Dane County Judge, was enjoying "an unexpectedly easy" win with 55.5% of the vote compared to the 44.5% received by Schimel, the state's former Republican attorney general. Numerous decision desks called the race in her favor shortly after polls closed and the returns were clear.
"Thank you," Crawford said in a victory speech from the city of Madison shortly after 9:30 pm local time. "Alright Wisconsin—we did it!"
Crawford said she had just received a concession phone call from Schimel—describing him as "gracious" in defeat—as she thanked the people of Wisconsin for delivering a hard-fought victory in what has been documented as the "most expensive judicial race ever" in U.S. history.
"Tonight, the grassroots have risen up to defeat Musk and the MAGA authoritarianism he's funding."
"Thank you for trusting me to serve you on the Wisconsin Supreme Court," she told the audience of supporters and national television cameras. "I'm so grateful to have earned the trust and support of voters across this great state." She continued by explaining that she got into this race—like the way she had spent her life—"in order to do what's right, to protect the rights and fundamental freedoms of all Wisconites."
Crediting her career success to the values learned in the small Wisconsin town of Chippewa Falls—"where people watched out for each other" and people respected the ability to "tell right from wrong"—Crawford said that growing up she never imagined she would ultimately "be taking on the richest man in the world" in a political fight that has gained national attention and was widely seen as a political referendum on the first two months of the Trump administration's policies.
The battle, she said, was "over justice in Wisconsin—and we won!"
Musk made himself a key factor in the race over recent weeks by spending many millions of his own money backing Schimel, including a gimmick over the recent weekend in which he handed out $1 million checks to people as a way, according to critics, to purchase their support and vote.
Progressive lawmakers were among those chiming in with applause Tuesday night.
"Elon Musk spent MILLIONS to defeat Susan Crawford in Wisconsin—and it was an epic fail," declared Rep. Pramila Jayapal (D-Wash.) after her victory was announced. "Voters saw through his schemes, and our country is better off for it. Thank you, Wisconsinites."
Joseph Geevarghese, executive director of the progressive advocacy group Our Revolution, was among those celebrating Crawford's win as a clear rebuke to Musk as well as President Trump.
"Despite pouring over $20 million into this race—including handing out million-dollar checks to voters—the world's wealthiest man has failed to secure a conservative majority on the Wisconsin Supreme Court," said Geevarghese. "Crawford's victory is a decisive win for protecting abortion access and workers' rights in Wisconsin. It also serves as a crucial safeguard against Donald Trump's ongoing attempts to subvert American democracy and erode judicial independence."
While the resounding defeat of Schimel by voters will be "viewed as a critical referendum on Trump and Musk’s dangerous, lawless agenda," he added, the amount of money spent during the race "also stands as a stark warning about the deep corruption within our broken campaign finance system. With spending exceeding $100 million, this election has become the most expensive state Supreme Court race in U.S. history, with billionaire donations flooding in on both sides."
"Tonight, the grassroots have risen up to defeat Musk and the MAGA authoritarianism he's funding," Geevarghese said. "But the fight to eliminate dark money from our political system is far from over. Continued inaction poses an urgent, looming threat to our democracy and way of life."
American Bridge, a research and rapid response group with close ties to the Democratic Party, feasted on Schimel's loss by deriding the GOP favorite as the "biggest loser in Wisconsin history."
"Wisconsinites have spoken, and together their votes decided that Wisconsin needs leaders who will protect our freedoms while rejecting the politics of fear and division."
Schimel, said the group's spokesperson Monica Venzke, "clearly can’t take a hint, but hopefully this time it sticks—Wisconsin wants nothing to do with him. Not even his out-of-state billionaire supporter could buy him this one. Imagine spending over $18 million and still losing."
According to Venzke, the defeat of Schimel despite the tens of millions spent by corporate forces "is just a preview of how voters are rejecting Trump's agenda of folding to billionaires. Republicans around the country have a choice: stand up to Trump, or lose."
Lucy Ripp, communications director for Better Wisconsin Together, which represents progressives concerns in the state, also credited the work of the state's grassroots, which she suggested was a model for people nationwide.
"Wisconsinites have spoken, and together their votes decided that Wisconsin needs leaders who will protect our freedoms while rejecting the politics of fear and division," said Ripp. "Wisconsin voters chose common sense, progress, and freedom over a radical, right-wing partisan agenda that thrives on dividing our communities and leaving working families behind in service of billionaires and special interests."
"By maintaining a strong progressive majority, the Wisconsin Supreme Court will continue as a first line of defense in protecting Wisconsinites' constitutional rights and freedoms," added Ripp, "and a vital check on the Trump and Musk agenda amid the barrage of threats to our rights and livelihoods coming down from the White House."
As of this writing, neither Trump nor Musk had acknowledged Crawford's victory over Schimel on their main social media channels—though each celebrated the approval of a controversial and "regressive" voter I.D. law in the state. To some critics, their twin silence on the Supreme Court race felt like quite a loud statement.
Willkie Farr & Gallagher LLP—where former Vice President Kamala Harris' husband is a partner—investigated the Capitol insurrection and successfully represented Georgia election workers defamed by Rudy Giuliani.
In the latest capitulation to his retributive attacks on Big Law, U.S. President Donald Trump on Tuesday announced that his administration struck a deal with a law firm that took part in the investigation into the January 6, 2021 Capitol insurrection and whose partners include the husband of former Democratic Vice President Kamala Harris.
"Willkie Farr & Gallagher LLP proactively reached out to President Trump and his Administration, offering their decisive commitment to ending the Weaponization of the Justice System and the Legal Profession," Trump said on his Truth Social network. "The President is delivering on his promises of eradicating Partisan Lawfare in America, and restoring Liberty and Justice FOR ALL."
According to Trump, Willkie—whose partners include former Second Gentleman Doug Emhoff—will provide a total of at least $100 million in pro bono services to veterans, active duty U.S.en troops, and Gold Star families; law enforcement and first responders; to "ensuring fairness in our justice system;" and combating antisemitism.
The firm also agreed to commit to "merit-based hiring" and refrain from "illegal" diversity, equity, and inclusion hiring, promotion, and retention. It must also "not deny representation to clients, such as members of politically disenfranchised groups... who have not historically received legal representation from major national law firms... because of the personal political views of individual lawyers."
Willkie said in a statement that "we reached an agreement with President Trump and his administration on matters of great importance to our firm. The substance of that agreement is consistent with our firm's views on access to legal representation by clients, including pro bono clients, our commitment to complying with the law as it relates to our employment practices, and our history of working with clients across a wide spectrum of political viewpoints."
"The firm looks forward to having a constructive relationship with the Trump administration, and remains committed to serving the needs of our clients, our employees, and the communities of which we are a part," the statement added.
The agreement averts what could have been a ruinous executive order from Trump targeting the firm. Willkie drew Trump's ire for actions including employing a top investigator for the House committee that examined his role in fomenting the attack on the U.S. Capitol and for representing two Georgia election workers who sued his former attorney and adviser, Rudy Giuliani, for defamation. In December 2023, the former New York City mayor was ordered to pay $148 million to the workers for falsely accusing them of engaging in a nonexistent conspiracy to "steal" the 2020 U.S. presidential election from Trump.
According toThe Associated Press, "Emhoff made it known internally that he disagreed with this deal and told firm leadership they should fight, according to a person familiar with the situation who insisted on anonymity to discuss internal deliberations."
Tuesday's deal outraged democracy defenders.
Absolutely shameful. Doug Emhoff of all people should understand the danger that will come from lawyers capitulating to a man hell-bent on destroying our democracy. Emhoff and other partners need to show they stand on the side of the rule of law by quitting—there’s absolutely no other option.
[image or embed]
— Molly Coleman ( @mollycoleman.bsky.social) April 1, 2025 at 2:19 PM
"Emhoff and other partners need to show they stand on the side of the rule of law by quitting—there's absolutely no other option," argued Molly Coleman, executive director of the People's Parity Project and PPP Action and a St. Paul, Minnesota City Council candidate.
The Willkie agreement follows
similar surrenders by white-shoe law firms including Paul, Weiss, Rifkind, Wharton & Garrison LLP and Skadden, Arps, Slate, Meagher & Flom. Trump accused these and other law firms of weaponizing the judicial system, and last month, he issued a memo directing U.S. Attorney General Pam Bondi to "seek sanctions" against firms and lawyers that the administration says have engaged in "frivolous, unreasonable, and vexatious litigation against the United States."
"They are deciding that the way we're gonna do this is break the Senate and make up our own rules," said Sen. Cory Booker.
During 2021 battles to raise the minimum wage and advance the Build Back Better agenda, congressional Democrats refused to "ignore" the unelected U.S. Senate parliamentarian—but Republican lawmakers are now planning to do just that, so they can give the wealthy trillions of more dollars in tax cuts, at the expense of programs that serve working people.
GOP Senate leadership and the White House want to make permanent tax cuts that President Donald Trumpsigned into law in 2017, "without having to account for how much it would add to the deficit," Axiosreported Tuesday. "Now, they're saying all they need is for Budget Chair Lindsey Graham (R-S.C.) to decide that's what they're going to do."
"Senate Majority Leader John Thune (R-S.D.) backed the argument, laid out by Graham, that Republicans don't need the Senate parliamentarian to bless the current policy approach during Tuesday's Senate GOP lunch," Axios detailed. "Graham is expected to release the language of the budget resolution as soon as Tuesday, according to GOP Whip John Barrasso (R-Wyo.)."
As a trio of experts at the Center for American Progress—including economist Lawrence Summers—wrote Tuesday: "The majority is attempting to force the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) to say the fiscal impact is instead zero dollars by using a 'current policy' baseline rather than the 'current law' baseline that is defined in statute. This approach is unprecedented in the 50 years since the CBO was formed and Congress acted within the current budget framework."
"Whether one believes the United States should be cutting taxes or increasing spending, there should be no question that forcing the CBO and JCT to pretend that policies have no fiscal impact would allow Congress to make major tax and spending decisions with no arithmetic recognition of the cost," they argued. "This would be the epitome of fiscal irresponsibility. Congress needs to responsibly bring down deficits. Establishing principles that make it possible to incur huge costs without recognizing them would be an egregious and dangerous error."
Senate Minority Leader Chuck Schumer (D-N.Y.)—who has faced calls to resign from his leadership post after caving to congressional Republicans during last month's shutdown fight—spoke out against the plan on Tuesday, as NBC Newsreported.
"That would be going nuclear," Schumer said. "And it shows that Republicans are so hell-bent on giving these tax breaks to the billionaires that they're willing to break any rules, norms, and things they promised they wouldn't do."
While Sen. Cory Booker (D-N.J.) was in the midst of holding the chamber's floor in remarks that began Monday night and were ongoing as of press time, to protest Trump's sweeping attacks on government, Schumer also informed him of the GOP plan.
Booker read in full a Center on Budget and Policy Priorities report from February titled, House Republican Budget's $4.5 Trillion Tax Cut Doubles Down on Costly Failures of 2017 Tax Law, as well as recent reporting in The New York Times about what the newspaper called "a maneuver so wonky that it might be best explained with sports cars and anime streaming."
"They found a way around the parliamentarian. They found a way around the rules of the Senate. They found a way around the ideals of reconciliation," Booker said of congressional Republicans. "They are deciding that the way we're gonna do this is break the Senate and make up our own rules. This is how they're gonna get a bill through that gives trillions [of] dollars of tax cuts to the wealthiest in our country who are doing very well."
While refusing to "hate on" wealthy Americans, Booker also had a message for them: "You don't need tax cuts, especially not that are gonna be given to you on the backs of the poor, on the backs of our elders, on the backs of our children, on the backs of expectant mothers, on the backs of my mom's, your mom's Social Security."
Booker's historic stunt—which set a new record for the longest Senate floor speech in history—came as polls show Democratic voters are frustrated with the party's failure to effectively stand up to Trump and fight for working people.