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Banks boosted fossil fuel finance by more than a fifth in 2024, report says

UNITED STATES, JUN 17 – The 65 largest banks increased fossil fuel financing by $162 billion in 2024, reversing prior declines amid political and regulatory shifts, with U.S. banks accounting for one third of funding.

  • In 2024, the top 65 banks worldwide increased their financial support for fossil fuel companies to a total of $869 billion, marking a notable rise in global funding for the sector.
  • This increase halted a decline observed since 2021 and took place as several major U.S. banks withdrew from climate coalitions and rolled back their commitments to net-zero initiatives.
  • U.S. banks contributed $289 billion, about one-third of the total, with JPMorgan Chase, Bank of America, and Citi leading fossil fuel financing growth by more than $10 billion each.
  • According to Allison Fajans-Turner, banks increased financing despite worsening climate disasters and maintain policies with large loopholes allowing continued fossil fuel funding.
  • The rise in fossil fuel funding challenges climate goals like achieving net-zero emissions by 2050 and highlights criticism that banks are misaligned with scientific warnings.
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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.

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Jersey Evening Post broke the news in on Tuesday, June 17, 2025.
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