US EditionBanks 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.
52 Articles
52 Articles
Boosted by Trump, banks resume their love affair with fossil fuels
For the first time since 2021 — the start of the Biden administration — banks have ramped up their financing of fossil fuel projects, a changing tide that reflects the Trump White House’s close ties to and energetic support for Big Oil. That’s based on the annual “Banking on Climate Chaos” report, which analyzes the lending patterns of the 65 largest banks in the world, and some 2,730 firms with fossil fuel interests that they’ve lent to. The re…
What climate crisis? Most of the world's largest banks increase fossil-fuel financing by billions
The world’s largest banks increased their fossil fuel funding by around $162bn (£120bn) from 2023 to 2024. The 65 top banks in the ‘Banking on Climate Chaos’ report have delivered $7.9tn (£5.8tn) in financing for fossil fuels since the Paris agreement in 2016. They are going back on their own environmental pledges in doing so. And the levels today are worryingly similar to back before the Paris agreement. The crisis is already here The trillions…
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 …
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