US Edition
Banks boosted fossil fuel finance by more than a fifth in 2024, report says
- In 2024, the world’s 65 biggest banks boosted their financial support for fossil fuel projects by $162.5 billion, reaching a total of $869 billion and reversing a downward trend observed since 2021.
- This rise followed a backlash against net-zero policies, with several major U.S. banks departing climate coalitions and scaling back commitments.
- U.S. banks provided $289 billion, a third of global financing, led by JPMorgan Chase, Bank of America, Citi, and Barclays, all increasing funding by over $10 billion.
- Canada’s top five banks all raised their investments in fossil fuels last year, with RBC ranked eighth worldwide for committing $34.3 billion and TD increasing its fossil fuel financing by 46 percent.
- Despite this, banks assert commitment to clients’ climate transition efforts and the 2050 net-zero goal, while advocates urge them to shift financing toward genuine decarbonization.
47 Articles
47 Articles
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 …
They are among the sector's main donors in 2024, the warmest year ever.
Coverage Details
Bias Distribution
- 59% of the sources lean Left
To view factuality data please Upgrade to Premium
