Top 65 Banks Boost 2025 Fossil Fuel Financing to $906 Billion as Climate Pledges Unravel
Updated
Updated · The Guardian · Jun 9
Top 65 Banks Boost 2025 Fossil Fuel Financing to $906 Billion as Climate Pledges Unravel
1 articles · Updated · The Guardian · Jun 9
Summary
$906 billion in fossil fuel financing flowed from the world’s 65 biggest banks in 2025, up $64 billion from 2024, according to the Banking on Climate Chaos report.
$508 billion of that total backed expansion of existing coal, oil and gas sites—up 27%—which campaigners said shows lending is moving further out of line with Paris climate goals.
JPMorgan again led fossil fuel financing at $58 billion, followed by Bank of America, MUFG, Mizuho and Citigroup; a “dirty dozen” banks accounted for 40% of all funding.
Environmental groups said banks have retreated from earlier climate commitments under political pressure, especially in the US, after the UN-backed Net-Zero Banking Alliance unraveled last year.
Since the 2015 Paris accord, the largest banks have funneled $8.7 trillion to fossil fuels even as scientists warn the 1.5C warming limit is likely to be breached soon.
Voluntary climate banking alliances have failed. Will regulators now intervene in the multi-trillion dollar fossil fuel financing market?
As geopolitical shocks reveal fossil fuel fragility, why are banks betting billions on it over secure, cheaper renewables?
Fossil Fuel Financing Hits $869 Billion in 2024: Why Banks Are Abandoning Climate Commitments
Overview
In 2024-2025, major banks sharply increased their financing of fossil fuels, reversing previous climate-aligned trends and showing a continued reliance on carbon-intensive industries. The world’s largest banks collectively poured $869 billion into fossil fuel projects in 2024 alone, with European banks playing a significant role by providing over $230 billion since 2021 and participating in hundreds of deals supporting oil and gas development. This surge in investment highlights how financial institutions are moving away from climate commitments, fueling further environmental risks and undermining global efforts to limit climate change.