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Climate
Voluntary Pledges 'Aren’t Working,' Report Shows as Big Banks Continue to Sow Climate Chaos
"Banks keep telling us they’re committed to climate. Then they abandon their own policies the moment political pressure mounts. Voluntary pledges have had their chance. We need binding rules—not promises.”
Jun 09, 2026
Calls for an end to oil, gas, and coal extraction grew louder in 2025 as the impact of fossil-fueled planetary heating was starkly illustrated by devastating wildfires across the Los Angeles area, deadly flash floods in Texas, a European heatwave that was blamed for the deaths of more than 24,000 people, and cyclones and floods that killed thousands.
But as climate action groups demanded that governments and financial institutions end support for fossil fuel projects and companies last year, according to a report released Monday by several organizations, the world's largest banks only committed more financing to projects like the Mountain Valley Pipeline, a planned liquefied natural gas (LNG) "boom" in the Philippines, and fracking in the Permian Basin.
Last year, according to Banking on Climate Chaos—released by groups including the Rainforest Action Network, Sierra Club, and Oil Change International—the world's largest financial institutions committed $906 billion in financing to fossil fuel companies, representing an 8% increase over funding the previous year.
The groups emphasized that the banks financed pollution-causing oil, gas, and coal projects even as they made "voluntary commitments" to “aligning their lending, investment, and capital markets activities with net-zero greenhouse gas emissions by 2050," as a now-defunct United Nations-backed scheme called the Net-Zero Banking Alliance (NZBA) pledged.
More than a decade after countries agreed to the Paris climate accord and pledged to take action in a push to avert planetary heating over 1.5°C above pre-industrial temperatures, the report notes, "banks maintain and are expected to uphold climate policies independent of the NZBA."
However, it continues, "the collapse of the NZBA—culminating in its cessation of operations in October 2025—freed banks to further unwind from climate targets and other elements of their climate strategies."
"Notably, throughout 2025 and the first half of 2026, banks have further weakened their commitments to uphold 1.5˚C temperature rise limits, widened loopholes, and undercut sector policies for coal, oil, and gas energy or power supply primarily by removing or diluting exclusion criteria and commitments. Most policy changes in the past year were downgrades of existing policies rather than improvements," reads the report.
"Voluntary commitments aren’t working. No major oil and gas company is doing anything even close to what is needed to hold global heating to 1.5°C, and voluntary banking sector pledges like the Net Zero Banking Alliance aren’t cutting their pipeline of cash."
Diogo Silva, campaign lead for BankTrack and a co-author of the report, said: "Banks keep telling us they’re committed to climate. Then they abandon their own policies the moment political pressure mounts. Voluntary pledges have had their chance. We need binding rules—not promises.”
Banking on Climate Chaos highlights the banks that spent the most money investing in fossil fuel projects, with JPMorgan Chase named the leading financier of oil, coal, and gas. The Wall Street firm spent $58 billion in 2025, the same year it also "weakened" its own climate policy.
"Of the 15 North American banks in scope, 12 now have no meaningful fossil fuel commitments," said Rainforest Action network. "JPMorgan Chase and Goldman Sachs abandoned their coal and Arctic exclusions entirely, converting them into case-by-case due diligence standards."
JPMorgan Chase is one of three US banks listed in the top five fossil fuel backers; Bank of America financed the second-largest amount of pollution-causing projects at $47 billion, while Citigroup poured more than $45 billion into fossil fuels. Two Japanese institutions, Mitsubishi UFJ Financial Group and Mizuho Financial, were also in the top five.
With President Donald Trump taking executive action last year aimed at pressuring companies to back fossil fuel interests and "disregard social or environmental considerations," the report notes, US banks' share of all global fossil fuel financing increased to 32%, representing "the single largest source of fossil capital in the world." In 2021, US banks provided 28% of fossil fuel investment.
Trump has also aggressively pushed for more coal production since taking office for his second term in January 2025, and financing for coal mining expansion surged 77% in 2025, to $84 billion. Funding for coal power also grew by 40%, with companies pouring $81 billion into coal-fired plants.
Even when asked about the report's findings, top banks pointed to their own voluntary commitments to finance renewable energy projects and "achieve net zero financed emissions by 2050," as a spokesperson for Citigroup said to The Guardian.
The spokesperson said the bank "supports clients in the low‑carbon transition while recognizing the real need for secure, affordable and reliable energy today. We are committed to... advancing our $1 trillion sustainable finance goal, with a focus on balancing the transition with global energy resilience”.
David Tong, global industry campaign manager for Oil Change International and a co-author of the report, warned that "every dollar of finance for oil and gas helps an industry of war profiteers squeeze out short-term profits, further trapping communities into paying higher fossil fuel energy bills, fueling war and conflict, and burning all our futures."
"Voluntary commitments aren’t working. No major oil and gas company is doing anything even close to what is needed to hold global heating to 1.5°C, and voluntary banking sector pledges like the Net Zero Banking Alliance aren’t cutting their pipeline of cash," he said. "Instead, banks have injected over staggering $900 billion into fossil fuel financing in 2025 alone. Governments must step in and take urgent action to hold financial institutions and fossil fuel companies accountable for their role in the climate crisis.”
Since the Paris climate agreement, the report says, banks have poured a staggering $8.7 trillion into the fossil fuel industry, with the "Dirty Dozen," as the authors call the 12 largest fossil fuel financial backers, providing nearly 40% of all investment for coal, oil, and gas extraction.
The report makes demands of banks, calling on them to "exclude all finance for fossil fuel expansion immediately" and "require robust, 1.5°C-aligned transition plans from all existing fossil fuel clients"—but emphasizes that governments must compel financial institutions to end financing for oil, gas, and coal.
"After two consecutive years of fossil fuel finance increases by global banks—especially the increase in fossil fuel expansion finance and the continued backtracking from banks on their climate pledges—it is clear that the banking sector will not voluntarily take the necessary steps to transition out of fossil fuel finance at the pace and scale needed for the world to deliver on the Paris Agreement goals," reads the report.
Instead, it says, governments must mandate transition planning by banks, private equity holders, insurers, and other companies; make polluters pay for climate damages; ensure public finance institutions are subject to transparent reporting and legal accountability to international standards, and rapidly wind down supply-side fossil fuel subsidies, tax exemptions, subsidies, guarantees or other public assistance for new oil, gas, and coal projects.
"A decade after Paris, just twelve banks now drive more than a third of the world’s fossil fuel financing—proof that this is no longer a problem of markets, but of a small set of decision-makers making active choices," said Niko Lusiani, research director for Rainforest Action Network. "They are choosing to lock in an energy system that hands record profits to a few fossil firms while passing the costs onto the three of every four people on Earth who depend on imported fuel."
"The good news is that what a handful of banks built," said Lusiani, "governments and people worldwide have the power to change.”
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Report Details How Climate Crisis Fuels Crop Failure Risk in Global Breadbaskets
"As globally important food-producing regions face growing risks of climate-driven disruption, the effects can ripple through livelihoods, supply chains, food assistance systems, and geopolitical relationships."
Jun 09, 2026
The climate emergency is sharply increasing the risk of crop failure in regions that produce an outsized share of the world's staple food grains, according to a report published Tuesday that warns of "serious threats to Europe, the NATO alliance, and global stability" if cooperative resilience initiatives and other mitigation strategies aren't pursued.
The report, "Global Breadbaskets: Food System Resilience as a Strategic Imperative," was published by the Center for Climate and Security—part of the Council on Strategic Risks, a Washington, DC-based security policy think tank—and the Woodwell Climate Research Center, an independent nonprofit located in Falmouth, Massachusetts.
"Geopolitical fragmentation, conflict, extreme weather, and global aid cuts already strain food security. Meanwhile, climate change is increasing the likelihood of crop failures in the American, European, and Asian breadbaskets, which produce most of the staple crops underpinning global food security," the report states.
🆕 Across India, France, and Germany, in the next decade and a half, the odds of key crops failing are set to increase by between two- and six-fold. This isn't just a food story. It's also a #NATO security story.
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— Council on Strategic Risks (@councilonstrategicrisks.org) June 9, 2026 at 12:13 AM
The publication follows an April report from a pair of United Nations agencies on how extreme heat is impacting food production and food security around the planet. The new report includes a storymap that explores climate change-driven threats to wheat, rice, and maize (corn) crops in France, Germany, and India—three of the world's "global breadbaskets."
The analysis' authors note that compared with 2010 threat levels, by 2040, "the risk of a given year’s crop failing is projected to grow roughly twofold for Indian wheat and German maize, roughly threefold for French wheat, roughly fourfold for French maize, and roughly sixfold for Indian rice, with sharp increases in critical producing regions."
Climate-driven extreme heat "not only threatens crops, but also the laborers and infrastructure that translate them into food security," the report continues. "Extreme heat is projected to reduce the suitability of 15-40% of India’s rain-fed rice-growing regions by 2050, and to reduce physical work capacity during the average growing season to as little as 40% of 2000-era levels by 2100."
"By 2040, southwestern France will average up to 16 additional days per year above 35°C (95°F), exceeding thresholds that reduce yields, impact grain quality, and cause heat stroke," the paper warns. "Extreme heat also threatens to damage or disable road and rail networks critical to food transportation, agricultural machinery, civil defense, and military mobilization."
The publication also states that global breadbasket failures in Europe "could open rifts for Russian meddling, fuel instability in key partners, and elevate food production as a geopolitical lever."
The Council on Strategic Risks operates within the transatlantic security policy community, whose work often overlaps with NATO's interests.
“We have plenty of examples of how crop failures can contribute to political instability, from the French Revolution to the Arab Spring," Center for Climate and Security deputy director and report lead author Tom Ellison said Tuesday in a statement. "In today’s environment, global breadbasket failures could strain NATO priorities, prompt unrest in key countries, and upend trade relationships."
Woodwell Climate Research Center scientist and report co-author Alexandra Naegele warned that “climate change doesn't just threaten crop yields and grain quality—it destabilizes entire food systems, from labor and livestock to food storage and transport."
"Quantifying these climate-driven risks is an essential step toward building resilient food systems and safeguarding global food security," she added.
The report recommends steps countries—specifically members of the European Union and NATO—can take to mitigate risks to food security, including strengthening cooperative resilience, anticipating instability and hybrid warfare, supporting strategic and vulnerable partners, coordinating trade responses, and investing in agricultural research and development.
"Amid climate change, geopolitical uncertainty, food shocks from the war in Iran, and Russian hybrid warfare, investing in a resilient food system isn’t in competition with security—it’s a key part of it," Ellison stressed.
Monica Caparas, a scientist at the Woodwell Climate Research Center and report co-author, said, "Understanding and preparing for breadbasket failures is both a national security priority and a humanitarian imperative—one that can help protect lives, reduce instability, and strengthen food resilience before a regional shock becomes a wider crisis."
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Trump's ANWR Oil and Gas Auction Was a Bust—But Alaskan Arctic Still Faces Fossil Fuel Threat
"Even though the interest in today’s sale was tepid, the new leasing still poses significant threats to habitat, iconic wildlife, and Indigenous ways of life," said Earthjustice.
Jun 05, 2026
In an embarrassment for President Donald Trump and his "drill, baby, drill" energy policy, Friday's third oil and gas lease sale in Alaska's Arctic National Wildlife Refuge once again drew no bids from Big Oil—but conservationists stressed that fossil fuel expansion still poses a serious threat to the pristine wilderness and its human and animal inhabitants.
The US Department of the Interior’s Bureau of Land Management (BLM) offered 60 tracts on 689,000 acres in the ANWR in northeastern Alaska's Coastal Plain for lease sales. Just two companies—the government-owned Alaska Industrial Development and Export Authority and Hex LLC, an Alaska firm—bought five leases that generated a paltry $3.7 million in total receipts.
“Yet again, no major oil and gas companies showed up to bid, because they know that drilling in the Arctic Refuge is a losing proposition,” said Kristen Moreland, executive director of the Gwich'in Steering Committee, which represents the Gwich'in Indigenous people and opposes drilling.
“We will continue to fight the Trump administration’s leasing program, and work with our friends and allies to protect this sacred and irreplaceable landscape from development of any kind," Moreland added.
The Trump administration had touted fossil fuel lease sales as a way to help pay for tax cuts in the so-called One Big Beautiful Bill Act that mostly benefited corporations and wealthy individuals. The law, which was signed last July by Trump and extends tax cuts the president enacted in 2017, is expected to result in over $5 trillion in lost revenue through 2034, according to an analysis by the Tax Foundation, the world's leading independent tax policy nonprofit.
Despite the underwhelming result, the BLM described Friday's ANWR lease sale as "successful," with agency Director Steve Pearce calling it "another important step toward restoring American Energy Dominance and responsibly developing the vast resources Congress directed us to make available in the Coastal Plain."
Friday's lease sale was the third such auction, the first of which was held in 2021 during Trump's first term and generated just 1% of the administration's projected revenue. The Biden administration—which canceled the leases issued in the 2021 sale—held another lease auction last year because Trump's 2017 tax cut law required two ANWR lease sales within seven years. The 2025 auction drew no bidders.
Green groups and other drilling opponents warned that Friday's flop does not diminish the threat posed by fossil fuel development in ANWR, which is home to the North Slope Iñupiat and the Gwich’in peoples and 270 animal species, including all of the world’s remaining South Beaufort Sea polar bears and the 200,000 porcupine caribou upon which the Gwich'in—who call the area the "sacred place where life begins—rely upon for their survival. The North Slope Iñupiat broadly support drilling and called Friday's lease sale "an important milestone."
"Even though the interest in today’s sale was tepid, the new leasing still poses significant threats to habitat, iconic wildlife, and Indigenous ways of life in one of the nation’s most wild and beautiful landscapes," Earthjustice—one of the groups leading a lawsuit challenging the lease sales—said in a statement. "All of today’s leases are in important polar bear habitat, for example."
Athan Manuel, the Sierra Club's director of lands protection, said that "today's lease sale was another embarrassment and broken promise. The Trump administration has pushed leasing out the Arctic Refuge as the way to finance huge tax cuts, yet today generated $3.7 million for the federal government."
“Let's call that what it is, another scam to trick Americans into giving away our precious natural world," Manuel continued. "It does nothing to change the reality that drilling in the Arctic National Wildlife Refuge remains a risky, controversial, and fundamentally flawed proposition."
"For years, the public was promised that sacrificing the refuge would generate significant economic benefits," Manuel added. "Instead, this leasing program has been plagued by uncertainty while putting one of America's most important public lands at risk."
Autumn Hanna, vice president of the advocacy group Taxpayers for Common Sense, said, "From two previous failed lease sales that delivered less than 1% of promised revenue, taxpayers already know that drilling in the Arctic Refuge is a bad deal."
"Today’s lease sale is yet another reminder that oil and gas development in the refuge is high-risk, low-reward, with zero interest from real industry players," Hanna added. "Americans will not see relief at the pump and, instead, face greater risks from the drilling in a sensitive region.”
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'Hands Off the Arctic,' Say Wilderness Defenders as Trump Holds Alaska Oil and Gas Lease Sale
“Some places are too important to sacrifice,” said one Indigenous leader as the Trump administration invited fossil fuel companies to drill in the Arctic National Wildlife Refuge.
Jun 05, 2026
The Trump administration is set Friday to sell oil and gas drilling leases on 689,000 acres in the Arctic National Wildlife Refuge, a pristine and protected area in northeastern Alaska's coastal plain known for its massive biodiversity and held sacred by its Indigenous inhabitants.
The US Department of the Interior's (DOI) Bureau of Land Management (BLM) is offering 60 tracts in the ANWR to fossil fuel companies that submitted bids by Wednesday. The lease sale is the first of four in the ANWR mandated under the One Big Beautiful Bill signed by President Donald Trump last year and follows two previous sales this decade, one of which saw little interest during Trump's first term and another that generated no bids during the tenure of former President Joe Biden.
The sale is part of Trump's "drill, baby, drill" fossil fuel agenda and follows last October's reopening by the DOI of 1.56 million acres of the Coastal Plain to oil and gas leasing. The move reversed the Biden administration's 2023 cancellation of all existing oil and gas leases in the ANWR and ban on drilling across 13 million acres of the adjacent National Petroleum Reserve.
The Trump administration also recently transferred approximately 1.4 million acres of public lands along the Dalton Utility Corridor from the BLM to the state of Alaska, a move one conservationist warned "will only help corporate polluters transform Alaska into an industrial wasteland... for the sake of expanding the portfolios of mining and oil and gas companies."
The ANWR is home to Indigenous peoples, primarily the North Slope Iñupiat and the Gwich’in. The former are generally supportive of fossil fuel development, arguing that it provides jobs and revenue and boosts self-determination, while the latter broadly opposes drilling.
The Gwich'in call the area “the sacred place where life begins" and rely upon its rich biodiversity—especially its 200,000-strong porcupine caribou herd—for their survival. ANWR boasts some 270 animal species, including musk oxen, Arctic foxes, snow geese and other migratory birds, and all of the world’s remaining South Beaufort Sea polar bears.
While the American Petroleum Institute, the nation's leading fossil fuel lobby, welcomed Friday's lease sale, calling Alaska's oil and gas "key to America's energy security," Kristen Moreland, executive director of the Gwich'in Steering Committee, countered that "some places are too important to sacrifice."
In a Thursday call with reporters, Moreland said that "tomorrow's lease sale is about much more than economics or development. It is about whether our voices, our culture, and our way of life matters."
Conservationists also denounced the lease sale, which Earthjustice—part of a coalition challenging the DOI's policy in federal court—called "another effort to sell out our public lands to boost corporate profits, while Indigenous communities, wildlife, and future generations carry the risk."
US Sen. Tim Kaine (D-Va.) said Friday on X that "America's public lands—including the incredible Arctic National Wildlife Refuge—belong to all of us. But now the Trump-Vance administration is auctioning it off to their Big Oil cronies that already have plenty of other areas to drill."
In a video posted Thursday on social media, US Sen. Martin Heinrich (D-NM) called ANWR "the crown jewel of our American National Wildlife Refuge system."
"Tomorrow, the Trump administration is gonna try to lease the Arctic National Wildlife Refuge for oil drilling. So I've got a message for all the oil majors out there," the senator said. "I understand you have a job to do. That job never involves drilling in American national parks or national wildlife refuges. Don't bid."
Congresswoman Adelita Grijalva (D-Ariz.) also posted a video addressing the lease sale and arguing that Big Oil—part of an industry that spent nearly $450 million during the 2024 election cycle on campaign donations, lobbying, and other efforts to elect Trump and down-ballot Republicans—is "calling the shots."
The Alaska Wilderness League said on X that "no matter how the administration and oil industry spin today’s lease sale, the outcome doesn’t change: weak demand, shrinking interest, and a story that keeps collapsing under its own promises."
"The Arctic is not for sale, never has been, never will be," the group added. "Hands off the Arctic."
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