Despite investor and societal pressure, banks worldwide continue to lend money and underwrite bonds issued by oil, gas, and coal companies, with bond deals in fossil fuels arranged by banks at nearly $250 billion in 2021, Bloomberg data showed on Monday. JP Morgan financed the largest volume of loans and bonds combined so far this year, followed by Wells Fargo, Citi, RBC, and Mitsubishi UFJ, data as of December 3 compiled by Bloomberg showed. Wells Fargo has been the biggest lender to the fossil fuel industry this year, with most of its exposure to the sector going to loans for companies. While environment-conscious investors push for Wall Street banks—and all banks globally as a matter of fact—to shun fossil fuels, major banks say that by continuing to finance oil and gas, they help the sector invest in low-carbon energy solutions that would help decarbonize the global energy system. “It […]