Bank boards have conflicts of interest over climate – and it shows in the fossil fuels they back

Bank boards have conflicts of interest over climate – and it shows in the fossil fuels they back

Analysis finds 77% of directors on boards of seven US banks have ties to ‘climate-conflicted’ groups, as banks continue to finance projects like the Line 3 oil pipeline

US banks are pledging to help fight the climate crisis alongside the Biden administration, but their boards are dominated by people with climate-related conflicts of interest, and they continue to invest deeply in fossil fuel projects.

Three out of every four board members at seven major US banks (77%) have current or past ties to climate-conflicted companies or organizations – from oil and gas corporations to trade groups that lobby against reducing climate pollution, according to a first-of-its-kind review by climate influence analysts for the blog DeSmog.

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