Banking on climate chaos report 2024
The 2024 Banking On Climate Chaos report constitutes the largest and most comprehensive analysis of major global banks’ financing of fossil fuels. This year, the analysis includes the loans and underwriting activities of the 60 largest global banks and covers a broader scope of the sector, including the entire value chain. The report is published by Rainforest Action Network (RAN), BankTrack, Center for Energy, Ecology, and Development, Indigenous Environmental Network (IEN), Oil Change International (OCI), Reclaim Finance, the Sierra Club, and Urgewald, and is endorsed by 589 organizations in 69 countries worldwide.
Key findings:
The 60 largest global banks have provided
trillion to fossil fuels since Paris Agreement.
- Since the Paris Agreement, U.S. banks have remained at the top of the ranking for fossil fuel financing (31%), followed by Chinese banks (15%), Canadian banks (13%), Japanese banks (11%), British banks (8%), and French banks (7%).
- In 2023, the 60 largest global banks provided $705 billion to fossil fuels, including $347 billion for their expansion. JP Morgan Chase was the leading financial supporter of fossil fuels in 2023, with $40.8 billion. Mizuho ranked second, with $37 billion.
- Between 2021 and 2023, major French banks provided $67 billion for fossil fuel expansion. Over 99% of this support came from four banks: BNP Paribas ($23.9 billion), Crédit Agricole ($17 billion), Société Générale ($15.6 billion), and Banque Populaire Caisse d’Epargne (BPCE – $9.7 billion).
Banks must immediately cease all financing for the expansion of fossil fuels, adopt absolute emissions reduction targets for coal, oil, and gas aligned with a 1.5°C scenario, and require robust transition plans from all their existing fossil fuel sector clients that align with a 1.5°C trajectory. Additionally, they must protect human rights and the rights of Indigenous peoples, and increase their financing for a just and equitable transition.