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rainforest action network
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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Oreo’s Sweet Image Hides a Bitter Truth About Forests and Human Rights
Oreo may seem harmless. But when palm oil is sourced from destroyed rainforest or land taken without consent, the cost is not just environmental—it is human.
Feb 19, 2026
Oreo is marketed as “milk’s favorite cookie.” But behind that familiar blue package is a supply chain tied to rainforest destruction and violence against the people who defend their land.
Mondelēz International, the corporate giant that makes Oreo, has built a global snack empire worth nearly $40 billion a year. Its products line grocery shelves across the country. What most consumers never see is the palm oil that goes into those products—or the damage connected to its production.
Palm oil expansion remains one of the leading drivers of tropical deforestation. It is also linked to land grabs, intimidation, and violence against Indigenous and local communities who resist losing their forests.
According to Rainforest Action Network’s 2025 Keep Forests Standing Scorecard, Mondelēz ranked last among major consumer goods companies on deforestation and human rights safeguards. The company scored just 4 out of 24 possible points. Most alarming, it received zero points for having a public policy protecting Human Rights Defenders—people who face threats, criminalization, and violence for standing up to destructive development.
Communities should not be displaced for cookies.
Between 2015 and 2024, more than 6,400 attacks and over 1,000 killings of land and environmental defenders were documented worldwide. Industrial agriculture is a major driver of this violence.
These defenders are farmers, Indigenous leaders, journalists, teachers, and community members. They are protecting forests that stabilize the climate, regulate rainfall, and support biodiversity found nowhere else on Earth. They are also protecting their homes.
Mondelēz has been exposed more than once for sourcing palm oil linked to illegal deforestation in Indonesia’s Leuser Ecosystem—often called the “Orangutan Capital of the World.” The Leuser region is one of the last places on Earth where critically endangered species including rhinos, elephants, tigers, and orangutans still coexist in the wild. It is also home to Indigenous communities who depend on intact forests for survival.
Satellite monitoring continues to show forest loss in protected areas within this ecosystem. That means safeguards are failing.
Mondelēz promotes its “Snacking Made Right” campaign as proof of sustainability leadership. But marketing language does not stop chainsaws. Without enforceable policies and independent monitoring, companies continue to profit while forests fall.
The absence of a Human Rights Defender policy is not a minor oversight. It sends a message through the supply chain that violence and intimidation are not red lines. When corporations fail to adopt zero-tolerance policies against threats and criminalization, suppliers operate with fewer consequences.
This is not just about environmental damage. It is about whether communities have the right to say no when their land is targeted for development. It is about Free, Prior, and Informed Consent. It is about whether corporate profit outweighs human safety.
Deforestation is accelerating the climate crisis. Tropical rainforests absorb carbon and cool the planet. When they are cleared, that stored carbon is released, intensifying global warming. From stronger hurricanes to prolonged droughts and wildfires, the effects are already visible.
Corporations that rely on forest-risk commodities have the power to change this trajectory. Mondelēz could require full traceability for its palm oil supply. It could suspend suppliers linked to deforestation or violence. It could adopt a clear, public Human Rights Defender policy with zero tolerance for intimidation and criminalization. It could require proof that communities have granted Free, Prior, and Informed Consent before land is developed.
Instead, it continues business as usual.
Oreo may seem harmless. But when palm oil is sourced from destroyed rainforest or land taken without consent, the cost is not just environmental—it is human.
Communities should not be displaced for cookies. Forest defenders should not risk their lives so multinational corporations can maintain margins.
Mondelēz has the size and influence to shift industry standards. What it lacks is the political will.
Protecting forests starts with protecting the people who defend them. Until companies like Mondelēz adopt enforceable policies that prioritize human rights and end deforestation in their supply chains, their sustainability claims will ring hollow.
Consumers deserve snacks that do not come at the expense of forests and communities. And the people risking their lives to protect the planet deserve more than silence from the corporations profiting from their land.
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Banking on Climate Chaos Report Shows 'Tremendous' Financing Surge
"The time for climate justice is now, and that means ending fossil fuel investment at its source and holding banks and financial institutions accountable," said one Native American environmental activist.
Jun 17, 2025
The 16th annual Banking on Climate Chaos report, which was released Tuesday, found that dozens of the world's biggest banks committed $869 billion to firms engaged in fossil fuels in 2024—a "tremendous" increase from the overall fossil fuel financing that was recorded the year prior, according to the authors of the study.
The report comes a few months after the World Meteorological Organization announced a new milestone in the climate crisis: Not only was 2024 the warmest year in a 175-year observational period, reaching a global surface temperature of roughly 1.55°C above the preindustrial average for the first time, but each of the past 10 years was also individually the 10 warmest on record.
The new report analyzed the globe's 65 largest banks by assets according to S&P Global's annual rankings and was authored by several climate-focused groups, including Rainforest Action Network (RAN), Sierra Club, Indigenous Environmental Network (IEN), and others.
The report has been endorsed by hundreds of organizations in dozens of countries, according to a statement from RAN, and all banks in the report were given the opportunity to review the financing attributed to them prior to the report's release.
Big picture, the report shows that Wall Street investment banks and other financial institutions are "complicit in the climate crisis," according to Tom BK Goldtooth, executive director of the Indigenous Environmental Network and study co-author.
"The time for climate justice is now, and that means ending fossil fuel investment at its source and holding banks and financial institutions accountable," Goldtooth added.
The bank financing compiled in the report includes things such as the role banks play in facilitating bond issuances or their lending of money, according to the methodology section. Banks play a crucial role in enabling fossil fuel production because, as senior research strategist at RAN Caleb Schwarz explained, fossil fuel companies are quite rich but they don't have enough capital to finance their projects solely on their own.
Fossil fuel financing had been in on the decline between 2021 and 2023, dropping by $215 billion during that time period to $707 billion—meaning the rise in 2024 is a turnaround of over $162 billion.
"This growth in fossil fuel finance is troubling because new fossil fuel infrastructure locks in more decades of fossil fuel dependence," according to the report. "While various macroeconomic and political factors likely influenced specific decisions, at the end of the day, what matters is the outcome: Banks poured even more money into the expansion of the fossil fuel industry, despite the clear societal need for them to do the opposite."
Other topline findings include that the 65 banks featured in the report have committed $7.9 trillion in fossil fuel financing since 2016, and over two-thirds of the banks upped their fossil fuel financing between 2023 and 2024.
The world's biggest offender when it comes to fossil fuel financing in 2024 was JPMorgan Chase, which tallied $53.5 billion in fossil fuel financing, per the report. Bank of America came in second place.
"This should be a wake-up call to national governments and regional supervisory bodies that they need to step in," said Allison Fajans-Turner, bank engagement and policy lead at RAN and one of the co-authors of the report, on Tuesday. "Banks are not policing themselves. Regulators need to set rules to manage the financial risk that banks are putting into the system."
The authors of the report lay out several demands for banks, including that they drop all finance for fossil fuel expansion, adopt "binding and mandatory emissions reduction targets for upstream, midstream, and downstream fossil fuels," and increase financing for a "just transition," among others.
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