Major Financial Institutions Vowed $869 Billion to Fossil Fuel Industries in the Year 2024
Unfiltered Insights on Ballooning Fossil Fuel Finance in 2024
Big banks' fossil fuel financing soared to unprecedented levels in 2024, the hottest year on record. Led by JPMorgan Chase, Bank of America, and Citigroup, these financial juggernauts pledged a whopping $869 billion to fuel the fire of fossil fuel industries, according to the latest report from the Rainforest Action Network coalition.
The data was gathered by analyzing lending and underwriting activities of more than 2,800 companies worldwide[1][2]. American banks such as JP Morgan Chase, Bank of America, and Citigroup contributed the most with $53.5 billion, $46 billion, and $44.7 billion, respectively[1]. Japanese Mizuho Financial placed fourth with $40.3 billion, followed closely behind by Wells Fargo with $39.3 billion[1].
Shockingly, a staggering 45 out of 65 banks studied dramatically escalated their investment in coal, oil, and gas projects by an astounding $162 billion. Moreover, an additional 48 banks Bolstered their funding for fossil fuel expansion with $84.4 billion between 2023 and 2024[1].
Since the Paris Agreement's implementation in 2016, these banks have cumulatively committed a staggering $6.7 trillion in fossil fuel financing[1]. This glaring discrepancy between promises and actions raises concerns about the banks' commitment to the global fight against climate change.
Notably, the report reveals that $429 billion specifically funded companies actively expanding their fossil fuel operations[1]. Despite the International Energy Agency's guidance that there should be no new fossil fuel infrastructure development to meet climate targets[1], banks have provided a total of $1.6 trillion to these companies since 2021[1].
Key trends from 2024 include a steep climb in loans and bonds financing fossil fuels, with bonds skyrocketing from $284 billion in 2023 to a shocking $401 billion in 2024[1]. Additionally, banks have been found to be retreating from their climate commitments made at COP26, with some major lenders leaving climate coalitions and watering down fossil fuel restrictions[2][3].
In essence, the Rainforest Action Network's 2025 Banking on Climate Chaos report reveals that the largest increases in fossil fuel finance in 2024 primarily came from the world's top 65 banks, including major UK banks, which collectively raised their fossil fuel financing by $162 billion, supporting expansion of the fossil fuel industry despite scientific warnings about climate change[1][2][3].
[1] Enrichment Data: According to Banking on Climate Chaos 2025 report, world's 65 biggest banks collectively committed over $869 billion in financing fossil fuel in 2024. This included $429 billion for fossil fuel production and infrastructure expansion. Since the Paris Agreement came into effect in 2016, these banks have committed $6.7 trillion in fossil fuel financing. [2] Enrichment Data: The report was produced by a coalition of groups led by the Rainforest Action Network, analyzing data from over 2,800 companies worldwide. [3] Enrichment Data: Major UK banks identified as backing fossil fuel expansion in the report included Barclays PLC, HSBC Holdings PLC, Natwest Group PLC, and Lloyds Banking Group PLC.[] Ref: Adapted from the original article structure.
- Despite the increasing global concerns about climate change, including climate change, global warming, and the environment, the report from Rainforest Action Network reveals that the world's 65 largest banks, including JPMorgan Chase, Bank of America, Citigroup, and major UK banks, pledged a record $869 billion in 2024 to finance fossil fuel industries.
- The funding from these banks, a significant portion of which is directed towards companies actively expanding their fossil fuel operations, goes against the scientific warnings about climate change and the Paris Agreement's commitments to net zero emissions.
- The report also highlights the discrepancy between the banks' climate commitments and their actual actions, as the finance given to fossil fuel industries has been escalating, with $162 billion more invested in coal, oil, and gas projects in 2024 than in 2023.
- The finance sector, including environmental-science, industry, and finance, plays a crucial role in the expansion of the fossil fuel industry, which contributes to climate change and the degradation of the environment.
- The continued investment in fossil fuel industries not only goes against the scientific consensus on climate change but also poses a risk to the long-term financial stability, as the transition to clean energy becomes increasingly inevitable.
