(17 June 2025 – Global) The world’s largest banks collectively financed $869 billion in fossil fuel activity in 2024, reversing prior declines and signalling a shift away from previous environmental pledges, according to a report by eight environmental organisations.
Two-thirds of the top 65 global banks increased fossil fuel funding year-on-year – an overall rise of $162 billion – despite warnings from scientists that new fossil fuel projects are incompatible with climate goals.
As reported in the FT and The Guardian, US banks dominated fossil fuel lending last year, with JPMorgan Chase leading at $53.5 billion, followed by Bank of America and Citigroup. Mizuho and Barclays also saw significant increases.
Since the Paris Agreement in 2015, banks have channelled $7.9 trillion into fossil fuels, despite public commitments to align with net-zero goals. Several major US institutions, including JPMorgan, Citi, and Goldman Sachs, recently withdrew from the UN-backed Net-Zero Banking Alliance ahead of Donald Trump’s return to power.
“This year, banks have shown their true colours – many have walked away from climate commitments and doubled down on financing fossil fuel expansion, even as global temperatures break records,” said Lucie Pinson, founder of Reclaim Finance.
Barclays and Citi defended their actions, citing parallel investments in clean energy and commitments to support clients through the energy transition. Barclays noted it mobilised nearly $100bn in sustainable and transition finance last year, while Citi reiterated its $1 trillion sustainable finance goal.
Despite these claims, the report, Banking on Climate Chaos, suggests financial institutions are backtracking at a critical moment for climate action.