World’s largest banks pledged $906bn to fossil fuel companies in ‘unfathomable’ increase in 2025, report finds
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- Banking on Climate Chaos report found the world's 65 largest banks committed $906bn in fossil fuel financing in 2025, up $64bn (nearly 8%) on 2024.
- JPMorgan Chase led fossil fuel financing with $58bn, up 13% from 2024, followed by Bank of America, MUFG, Mizuho Financial, and Citigroup, with Barclays the highest-placed British bank at #8.
- Since the Paris climate deal in 2015, these banks have funnelled $8.7tn to the fossil fuel industry, per the coalition of environmental groups behind the report.
- The "dirty dozen" banks account for 40% of all fossil fuel industry funding, with six jurisdictions—the US, Canada, Japan, China, UK, and EU—providing almost all financing.
- Banks pledged $508bn for expansion of existing fossil fuel sites in 2025, a 27% increase on 2024, with Venture Global, Enbridge, and Energy Transfer as the top recipients.
- The Net-Zero Banking Alliance, a UN-backed scheme, was disbanded last year after high-profile departures, with report editor Niko Lusiani citing political pressure—especially in the US—as banks turned their backs on environmental commitments.
- 26 of the 65 banks reduced their fossil fuel financing in 2025, with European banks BNP Paribas, UBS, and La Caixa leading the cuts.
Why it matters: An 8% surge to $906bn in fossil fuel lending directly contradicts the Paris-aligned trajectory needed to avoid 1.5°C of warming, which scientists predict will be breached imminently. The collapse of the Net-Zero Banking Alliance signals that voluntary bank commitments have failed, with the report's editor explicitly calling on financial regulators across the US, UK, Japan, China, Canada, and EU to act.
