Less than a hundred miles from where world leaders are discussing how to meet their climate pledges, BP is drilling for gas.
The Shafag-Asiman project, a sprawling gas field off the Azerbaijani coast, could inject more than 1 billion metric tons of carbon into the atmosphere, striking a major blow to efforts to slow global warming.
BP has said it intends to invest heavily in new oil and gas fields in the coming years. But it would be unable to pursue these dirty projects without billions in support from big banks. Citigroup, JPMorgan Chase, and Wells Fargo, along with a number of other banks, all helped BP raise more than $5 billion last year.
Banks will be in focus at COP29 in Baku, Azerbaijan, as world leaders discuss how to raise hundreds of billions of dollars for countries suffering the effects of climate change.
Although talks are unlikely to address their continued support for dirty energy, more than 140 banks worldwide have pledged to cut emissions associated with the... Read more
