US EditionBanks boosted fossil fuel finance by more than a fifth in 2024, report says
- The world's 65 largest banks increased fossil fuel financing by $162 billion to $869 billion in 2024, reversing a decline since 2021.
- This increase occurred despite international goals to limit temperature rise and following a global financing framework agreed at the 2023 UN climate conference.
- Canadian banks, ranked among the top global financiers, raised their fossil fuel funding with TD and CIBC increasing by 46% and 41%, respectively, amid record heat levels.
- Allison Fajans-Turner noted banks "poured billions into expanded fossil infrastructure" despite worsening disasters, while Richard Brooks said Canadian banks "abdicated any sense of leadership" on climate science.
- The rising financing contradicts voluntary commitments and suggests stronger regulatory policies are needed to align banking practices with net-zero targets by 2050.
43 Articles
43 Articles
Observador
The latest edition of the Banking on Climate Chaos report reveals that more than two thirds of the banks increased their funding to fossil fuels after two consecutive years of decline.
Banks reverse course and pour more money into fossil fuels
Clean energy may be poised to attract double the investments of fossil fuels this year, but the powerful banking sector is still betting that there is lots of profit to be made in oil, gas and coal. A comprehensive report released today shows that after two years of decline in fossil fuel financing, the global banking industry reversed course in 2024, sharply increasing fossil loans and underwriting. The turnaround is dramatic. After a previous …
They are among the sector's main donors in 2024, the warmest year ever.
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