San Francisco — On the eve of Wells Fargo Bank’s annual shareholders’ meeting, 19 climate activists were arrested inside the bank’s headquarters demanding that it stop lending billions annually to the oil and gas industry, whose products are propelling the planet towards disaster.

Wells is the world’s second largest fossil fuel banker—second only to JPMorgan Chase—financing $46 billion last year out of a total $742 billion in financing made to the energy sector. The bank far outstripped its rivals by raising its industry financing total by $20 billion from 2020 levels, according to new research by a consortium of organizations including Rainforest Action Network.

“Wells Fargo is the poster child of climate profiteering,” says Alison Kirsch, policy and research manager of RAN’s climate and energy program.

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