Corporate ‘middlemen’ mask who really profits from Australian fossil fuel projects, report warns

A US research group report found nominee companies associated with Citibank, HSBC and JP Morgan were listed as shareholders in companies producing carbon emissions roughly equivalent to the output of 4.4m Australian homes each year. Photograph: Jason Whitman/NurPhoto/Shutterstock

Three global banks are being paid to obscure who profits from 51 fossil fuel projects in Australia that produce 22m tonnes of carbon emissions each year, according to new analysis.

An analyst who authored the report says it highlights a “massive problem” in Australia that could be reducing the amount of scrutiny investors face for financial support of the fossil fuel industry.