Report: Banking on Climate Chaos

Fossil fuel financing from the world’s 60 largest banks has reached USD $5.5 trillion in the seven years since the adoption of the Paris Agreement, with $673 billion in fossil fuel financing in 2022 alone. This report examines commercial and investment bank financing for the fossil fuel industry, aggregating their leading roles in lending and underwriting debt and equity issuances. Fossil fuel financing plateaued in 2020, rebounded in 2021, and leveled out again in 2022 owing to unusual geopolitical and economic conditions, not shifts in bank policy.

Of the 60 banks that are profiled in this report, 59 do not have policies robust enough to meet the goal of keeping global warming below 1.5°C. Some banks strengthened their policies, but few are sufficient to meet the challenge of the moment.