Banking on climate chaos report 2025
While the world’s top scientists from the International Energy Agency (IEA) repeatedly state that there is no need for a single new oil field, tanker, pipeline, or any fossil fuel expansion whatsoever, banks ignore climate risk and increase finance for dirty energy companies expanding their sector. This is amidst a rapid retreat from climate commitments many of these banks made at COP26 in Glasgow in 2021.
Key findings:
US$0
billion fossil fuels financing by the 65 world’s largest banks in 2024.
- US banks are the biggest financiers of fossil fuels (33% – with JPMorgan, Bank of America and Citigroup in the top 3). European banks account for 23% of financing to the sector, with French banks accounting for 6%.
- Groupe BPCE, with US$4.2 billion financing, is the only French bankto have increased its financing for fossil fuel expansion compared with 2021.
Ten years after the Paris Agreement, banks must urgently put an end to their support for fossil fuel development across the entire value chain, and adopt credible decarbonization targets and transition plans aligned with a 1.5°C trajectory. Strict regulations must also be put in place to compel them to act.