US regional banks increase fossil fuel lending, gaining market share as European rivals retreat.
US regional banks, including Citizens Financial Group, BOK Financial Corp, and Truist Securities, are increasing lending to oil, gas, and coal clients, gaining market share as larger European rivals retreat. Since the end of 2021, these banks have climbed between 13 and 40 steps in league tables for fossil fuel lenders, placing them among the top 35 globally. Collective fossil fuel loans from these banks rose over 70% in Q1 2022 compared to the previous six years.
April 14, 2024
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