Study: global banks 'failing miserably' on climate crisis by funneling trillions into fossil fuels

Analysis of 35 leading investment banks shows financing of more than $2.66tn for fossil fuel industries since the Paris agreement

The world's largest investment banks have funnelled more than 2.2tn ($2.66tn) into fossil fuels since the Paris agreement, new figures show, prompting warnings they are failing to respond to the climate crisis.

The US bank JP Morgan Chase, whose economists warned that the climate crisis threatens the survival of humanity last month, has been the largest financier of fossil fuels in the four years since the agreement, providing over 220bn of financial services to extract oil, gas and coal.