Virtually all British banks have stopped financing smaller independent oil and gas producers, responsible for the bulk of output and investment in the North Sea, Neptune Energy has revealed. “The future of the North Sea is now dependent upon the US banks or Norwegian banks and not on the UK banks. "Lloyds' new policy marks an important turning point in the dangerous relationship that exists between leading UK banks and fossil fuel companies. Small U.S. Banks Boost Oil & Gas FinancingThe situation could not be more different in the U.S. where smaller regional banks have significantly boosted their lending to oil and gas firms over the past two years. On a global scale, 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.

Source: The North Africa Journal June 24, 2024 16:08 UTC