Wall Street is changing its mind on fossil fuel projects. (Bloomberg)
Financing for oil, gas, and coal projects by Wall Street’s top six banks fell 25% annually to $73B this year through August 1, according to Bloomberg data.
Even as the Trump administration pushes pro-fossil fuel policies, the big banks are letting the data do the talking—JPMorgan analysts are currently predicting the first decline in global upstream oil and gas development spending since 2020.