By Alex Kimani of OilPrice.com

Over the past couple of years, Wall Street banks, E&P companies and investors have faced mounting pressure to disinvest in fossil fuels. Last year, BlackRock Inc. the world’s largest asset manager with $10 trillion in assets under management (AUM), sent shockwaves through the fossil fuel sector after it vowed to double down on climate activism by backing more shareholder resolutions on climate change and social issues.  Fossil fuel financing remains dominated by four U.S. banks–JPMorgan Chase, Citi, Wells Fargo, and Bank of America–who together account for one quarter of all fossil fuel financing over the last six years. Indeed,  Rainforest Action Network has lambasted JPM as “the world’s worst banker of climate chaos by far.”

In 2019, Goldman Sachs became the first big U.S. bank to rule out financing new oil exploration or drilling in the Arctic, as well as new thermal coal mines anywhere in the

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