The recently published Banking on Climate Chaos report, now in its 15th edition, analyses the financial commitments—lending and underwriting of debt and equity issuances—from the world’s 60 biggest banks to over 4,200 fossil fuel companies and the financing of companies causing the degradation of the Amazon and Arctic.
It found that these 60 banks have committed almost $7 trillion ($6.9 trillion) to the fossil fuel industry over the eight years since the Paris Agreement.
Last year alone, these banks committed $705 billion to companies conducting business in fossil fuels, while $347 billion was committed to 873 companies that are expanding fossil fuels, based on research by Urgewald for the Global Oil & Gas Exit List and Global Coal Exit List.
Since 2016, $3.3 trillion has been committed to fossil fuel expansion, with Citibank providing the most financing to expansion since the Paris Agreement, at $204.5 billion.
Overall, last year, JPMorgan Chase came out on top as the biggest fossil fuel financier, with financing reaching $40.8 billion. Indeed, US banks were the biggest offenders last year, contributing 30 per cent of the total. Mizuho came in second place with $37.1 billion, while Bank of America was in third place.
In Europe, banks have financed the fossil fuel industry with $1.9 trillion since 2016. In 2023, Barclays was the top financier ($24.2 billion), followed by Santander ($14.5 billion) and Deutsche Bank ($13.4 billion).
The report was authored by BankTrack, Rainforest Action Network, Centre for Energy, Ecology and Development, Indigenous Environmental Network, Oil Change International, Sierra Club, and Urgewald and has been endorsed by 589 organisations across 69 countries.
Read the full report here.