June, 17 2025, 09:02am EDT
New Report: Global Bank Financing of Fossil Fuels Totals $869B In 2024, A Dramatic Increase In Financing
Banking on Climate Chaos reveals banks financed $429B in companies expanding fossil fuels in 2024
NEW YORK
Released today, the 16th annual Banking on Climate Chaos (BOCC) report covers the lending and underwriting activities of the world’s top 65 banks to more than 2,700 fossil fuel companies. While the world’s top scientists from the International Energy Agency (IEA) and others have repeatedly stated there can be no new fossil fuel expansion in a net-zero by 2050 scenario, banks have ignored this climate risk and continue to increase their financing for dirty energy companies expanding fossil fuel infrastructure. This financing comes amid a rapid retreat from climate commitments made by many banks at COP26 in Glasgow in 2021.
- Read the report: www.bankingonclimatechaos.org
- Read the key findings here
“The retreat by U.S. banks from robust climate commitments is unacceptable, deeply irresponsible, and a clear capitulation to political pressure. Banks must shift away from risky financing and commit to reducing emissions via the companies they finance, with a genuine focus on helping to decarbonize the economy and support the urgent and necessary clean energy transition. For example, it’s indefensible that US banks reject direct project finance as too risky, only to support the same projects indirectly through corporate lending—these loopholes must be closed,” said Jessye Waxman, Campaign Advisor for the Sierra Club’s Sustainable Finance campaign.
See more quotes from report co-authors.
OVERALL TRENDS
The report shows that global banks increased their fossil fuel financing by $162 billion from 2023 to 2024. This is a new trend, since overall fossil fuel finance had been decreasing since 2021. Global banks have financed $7.9 trillion in fossil fuels since 2016, when the Paris Agreement was signed.
In 2024, loans were the top form of financing with an increase to $467 billion from $422 billion from 2023. Bonds saw the largest increase to $401 billion from $284 billion in 2023. Acquisition financing also rose to $82.9 billion from $63.7 billion in 2023.
COMPANIES EXPANDING FOSSIL FUELS
The report reveals that global banks have financed companies expanding fossil fuels with $1.6 trillion since 2021. In 2024, global banks financed these companies with $429 billion alone — a rise of $84.8 billion from 2023.
Some of the top companies that received 2024 financing to expand fossil fuels from the 65 global banks listed in the report include:
- Diamondback Energy, $20.9 billion. Its oil & gas expansion plans are located largely in the Permian Basin in Texas.
- Enbridge, $16.5 billion. Its pipeline expansion plans are located in Canada and the US. The Sierra Club is fighting Enbridge’s T15 pipeline expansion in North Carolina intended to service Duke’s planned gas-burning power plants in Person County.
- BP, $10.9 billion. Its oil & gas expansion plans are located in 30 countries and include focusing on exploration, pipeline development, LNG terminals, and gas-fired power.
- Energy Transfer, $7.8 billion. Its pipeline and LNG expansion plans are located largely in the US. The Sierra Club has opposed the Dakota Access Pipeline, arguing it poses significant risks to the climate, local communities, and Indigenous sovereignty.
- Duke Energy, $7.1 billion. It is the second largest utility burning fossil fuels in the US, and it operates in six states. Duke’s expansion plans include a heavy reliance on coal and gas, with very little renewable energy. The Sierra Club is calling on utilities across the US to prioritize powering the electric grid with renewable energy to support a healthy and sustainable future.
BANK FINANCING: BY THE NUMBERS
JP Morgan Chase is the largest fossil fuel financier in the world, committing $53.5 billion to fossil fuel companies in 2024. Four banks increased their fossil fuel financing by more than $10 billion. The top four banks with the largest absolute increase are JP Morgan Chase, Citigroup, Bank of America, and Barclays.
U.S. banks committed $289 billion in fossil fuel financing in 2024, one third of the global financing for that year in the scope of the report. JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, the top four U.S. banks, alone represent 21% of total global fossil fuel financing in the scope of this report.
Japanese companies Mizuho, MUFG, and SMBC contributed 12% of this report’s overall financing for that year. Nearly half of that financing went to companies headquartered in the United States.
In Europe, the UK bank Barclay’s is the largest fossil fuel financier in 2024 with $35.4 billion. Spain’s Santander, France’s BNP Paribas, Germany’s Deutsche Bank, and the UK’s HSBC each contributed between $14 and $17.3 billion to the industry in 2024.
BACKGROUND
The Banking on Climate Chaos report is authored by Rainforest Action Network, BankTrack, the Center for Energy, Ecology, and Development, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, and Urgewald. It has been endorsed by 480 organizations in 69 countries. Learn more at www.bankingonclimatechaos.org.
The Sierra Club is the most enduring and influential grassroots environmental organization in the United States. We amplify the power of our 3.8 million members and supporters to defend everyone's right to a healthy world.
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