{"id":385576,"date":"2025-06-28T12:22:50","date_gmt":"2025-06-28T10:22:50","guid":{"rendered":"https:\/\/climatescience.press\/?p=385576"},"modified":"2025-06-28T12:22:51","modified_gmt":"2025-06-28T10:22:51","slug":"23-surge-in-global-bank-fossil-fuel-investments","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=385576","title":{"rendered":"23% Surge in Global Bank Fossil Fuel Investments"},"content":{"rendered":"
\n
\"\"<\/figure>\n<\/div>\n\n\n

<\/p>\n\n\n\n

From Watts Up With That?<\/a><\/p>\n\n\n\n

Essay by<\/strong> Eric Worrall<\/a><\/p>\n\n\n\n

First published JoNova<\/a>; Just under $900 billion loans to fossil fuel projects in 2024.<\/p>\n\n\n\n

\n

Global Banks Increase Fossil-Fuel Funding as Climate Pledges Crumble<\/strong><\/p>\n\n\n\n

New report shows that banks poured nearly $900 billion into financing coal, oil and gas projects in 2024<\/p>\n\n\n\n

By Elena Vardon<\/a>
June 17, 2025 10:18 am ET<\/p>\n\n\n\n

Global banks significantly increased their financing for coal, oil and gas projects last year, according to a new report by climate advocacy groups, marking a reversal at a time when lenders are backtracking on climate pledges.<\/p>\n\n\n\n

The world\u2019s largest lenders committed $869.4 billion to companies conducting business in fossil fuels in 2024, according to the \u201cBanking on Climate Chaos\u201d report published on Tuesday. This was 23% higher than the previous year and is equivalent to the gross domestic product of Switzerland. The report, which is in its 16th edition, is coauthored by a group of nonprofit organizations including the Rainforest Action Network and the Sierra Club.<\/p>\n\n\n\n

\u2026<\/p>\n\n\n\n

U.S. lenders continue to dominate as the largest financiers: JPMorgan Chase<\/a> led the pack providing $53.5 billion in funding last year, and was followed by Bank of America<\/a>with $46.0 billion and Citigroup<\/a> with $44.7 billion. 

\u2026<\/p>\n\n\n\n

\u201cWithout binding regulation, banking on climate chaos will remain banks\u2019 dominant investment strategy, tanking our economy and our planet,\u201d said Allison Fajans-Turner, policy lead at the Rainforest Action Network.\u00a0

\u2026Read more:\u00a0<\/p>\n\n\n\n

https:\/\/www.wsj.com\/articles\/global-banks-increase-fossil-fuel-funding-as-climate-pledges-crumble-9bbafce4<\/a><\/p>\n<\/blockquote>\n\n\n\n

The \u201cBanking on Climate Chaos\u201d report, authored by the Sierra Club, Rainforest Alliance and a handful of other green groups, is available here<\/a>.<\/p>\n\n\n\n

US banks appear to be leading the charge.<\/strong><\/p>\n\n\n\n

Interestingly this US surge in fossil fuel investment predates President Trump\u2019s second term victory, so it must have been driven by rock solid demand \u2013 demand so great, banks were willing to risk the wrath of the Biden administration to satisfy customer requirements. Perhaps as WUWT predicted, the AI surge was undermining the climate movement, even before President Trump won office.<\/p>\n\n\n\n

\n
Drill, baby, Drill: Trump Raises $12 Million in Silicon Valley, by Promising Cheap Energy to Power the AI Revolution<\/a><\/blockquote>