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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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Insurance Giant Chubb Shows 'Promising Leadership' by Dropping Texas LNG Project
"Chubb has the potential to lead the industry and raise the bar for AIG and Liberty Mutual to follow suit," said one campaigner.
Aug 06, 2024
Climate, environmental, and Indigenous rights defenders on Tuesday welcomed news that global insurance giant Chubb dropped out of a highly controversial methane gas project on the Texas Gulf Coast after months of grassroots community pressure.
The Sunrise Project published an insurance certificate obtained via a public information act request showing that Chubb is no longer insuring the Rio Grande liquefied natural gas (LNG) terminal in Brownsville. Houston-based NextDecade—which touts itself as a "sustainable LNG" company—says Phase I of Rio Grande LNG is currently under construction and that the 984-acre site "will be the largest privately funded infrastructure project in Texas."
In addition to exacerbating the climate emergency, Rio Grande LNG threatens land and sites sacred to the Carrizo/Comecrudo Tribe, which opposes the project.
"When you do the due diligence and understand Indigenous rights, this project is a no-go," Carrizo/Comecrudo Tribe of Texas Chair Juan Mancias said in a statement. "Investors and major banks have dropped Rio Grande LNG, and now insurers are following suit because the claims of the fossil fuel companies can't be trusted—here, or anywhere in Texas."
According to the Sunrise Project:
This is the latest setback for the not-yet-built project that would harm the coastal landscape of the Rio Grande Valley as one of the last pristine areas of the Texas coastline—a haven for wildlife, fishing, tourism, and recreation and home to Latine and Indigenous communities—into an industrial methane export hub. Years of campaigning was a likely factor in the insurer backing away. Five banks—SMBC, Société Générale, Credit Suisse, and privately, two additional banks—committed to not financing the project after pressure from community leaders.
Community members voiced the impacts that the methane terminal's gas storage tanks, flare stacks, pipelines, and explosion risks pose to the Port of Brownsville, including the city of Brownsville and those known as the "Laguna Madre": Port Isabel, South Padre Island, Laguna Vista, Long Island Village, and Laguna Heights. The cumulative impacts on soils, air and water quality, community health, vegetation, wildlife, threatened and endangered species, tourism, commercial fisheries, and noise would be significant.
"We tell companies the truth about these projects that would be an environmental disaster for our South Texas community. It feels good to be heard," said Bekah Hinojosa of the South Texas Environmental Network. "I expect other insurers like AIG and Sompo to drop next because the LNG facility, the pipeline, the company—they're losers with a dangerous project."
In June, hundreds of Gulf Coast residents traveled to Chubb's New York office to protest the company's insurance of fossil fuel projects including Rio Grande LNG, Texas LNG, Freeport LNG, and Cameron LNG. Six activists were arrested for blocking the main entrance to Chubb's building. The protest—one of several targeting fossil fuel funders and insurers—was part of the Summer of Heat, a civil disobedience campaign aimed at getting Wall Street to stop funding planet-heating oil, gas, and coal projects.
Ethan Nuss of Rainforest Action Network (RAN) asserted that "Chubb is showing some promising leadership by pulling out of Rio Grande LNG."
"Now Chubb must take the next step of becoming a true climate leader and stop insuring all methane," Nuss added. "Now Chubb must take the next step of becoming a true climate leader and stop insuring all methane. Chubb has the potential to lead the industry and raise the bar for AIG and Liberty Mutual to follow suit."
In February, RAN and the consumer advocacy group Public Citizen published a report revealing that at least 35 different insurance companies were underwriting Rio Grande LNG. The report named Chubb and AIG as the world's two most prolific insurers of fossil fuel projects.
"AIG has tripped over itself to insure Rio Grande LNG in the wake of Chubb's exit," Public Citizen insurance campaigner Rick Morris said on Tuesday.
"This move is the latest in a long pattern of insuring and investing in fossil fuels that shows AIG's climate and human rights commitments aren't worth the paper they're written on," he added. "We have one message for AIG: We won't stop fighting until you drop these disastrous projects."
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US Climate Groups Call on Multiple Industries to Fire Their Fossil Fuel Lobbyists
Eleven groups united on Thursday, "calling on lobbyists to pick a side in the climate fight."
Aug 17, 2023
Weeks after a public interest watchdog unveiled the deep ties the fossil fuel industry maintains to numerous industries in the U.S.—with universities, technology firms, and insurance companies employing many of the same lobbyists as the oil and gas sector—nearly a dozen climate justice groups on Thursday issued a call for governments and institutions across the country to "fire" their fossil fuel lobbyists.
F Minus, the research group behind a database released last month showing that more than 1,500 lobbyists have worked both for fossil fuel companies and local governments, schools, and other businesses, was joined by organizations including 350.org, Food & Water Watch, and the Rainforest Action Network (RAN) on Thursday in issuing the demand.
The groups warned that lobbyists employed by companies like Amazon and State Farm; cities including Minneapolis and Park City, Utah; and institutions such as Omaha Public Schools and the University of Washington are "playing both sides of the climate crisis by lobbying on behalf of oil, gas, and coal companies at the same time they are lobbying on behalf of communities and businesses being harmed by the climate crisis."
The lobbyists in question, they said, must choose between taking money from the industry international scientists agree is causing planetary heating, extreme weather, and other effects of the climate emergency, or working on behalf of the nation's communities.
"Hiring a fossil fuel lobbyist is radically at odds with fighting the climate crisis," said James Browning, executive director of F Minus. "It's time to talk to these lobbyists in a language they understand—money—and force them to choose between getting paid to work for the perpetrators of the climate crisis or its victims."
The group revealed last month that universities which have bowed to significant pressure in recent years to divest from fossil fuels are still employing lobbyists that work to promote the pollution-causing industry's interests.
Johns Hopkins University, for example, divested from coal in 2017 but still employs lobbyists for NRG Energy and Holcim Participation, which both have "substantial coal interests."
"Young people will live with the climate crisis the longest and experience some of its worst impacts," said the groups Thursday. "Yet hundreds of colleges and public school districts employ lobbyists whose work on behalf of fossil fuel companies is making the crisis worse. We call on educational institutions to cut ties with these lobbyists."
The groups also noted that a number of cities whose residents are at risk of climate impacts continue to work with fossil fuel lobbyists. Minneapolis' plan to cut city emissions by 80% by 2050 is at odds with the fact that it shares a lobbyist with Enbridge, the Canadian oil company whose pipeline in Wisconsin was ordered to be partially shut down in June due to its risk of causing an environmental disaster on tribal land.
Minneapolis and other cities that employ fossil fuel lobbyists "must end those relationships now—and throw all resources behind lobbying 100% for climate solutions and climate policy progress," said Deborah McNamara, co-executive director of ClimateVoice, which also signed the statement.
"The imperative to act on behalf of climate action and climate policy progress is clear," she added. "At every turn we must be proactive in building new systems, calling out the misalignments in our current systems, and ensuring that all of our activities align with climate leadership and action."
The groups also noted that Amazon has employed fossil fuel lobbyists in 27 states while signing onto an international industry pledge to reach net-zero carbon emissions by 2040, and insurance companies including Liberty Mutual, Berkshire Hathaway, and State Farm work with lobbyists in dozens of states—even as the insurance industry has increasingly withdrawn from operating in states and communities facing extreme weather events.
"Liberty Mutual is sharing lobbyists with the fossil fuel industry and it shares a board member with Exxon," said Mary Lovell, energy finance campaigner at RAN. "They deny coverage for homeowners and businesses while providing coverage for fossil fuel projects in the same areas."
The lobbyists' ties to universities, cities, and companies relied on by millions of Americans enable them to "cloak a radical pro-pollution agenda in respectability," said the groups.
"All of these organizations and their constituents face a harrowing climate future unless we do more to check the power of the fossil fuel industry," they added. "Fire its lobbyists."
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