Bank financing to fossil fuels grows for the first time since 2021
"Only rapid and robust binding government regulation and oversight can make banks change course."
Banks provided US$869 billion to fossil fuel companies in 2024 – up 23% from the previous year. This is the first increase since 2021, and comes as many banks have announced backtracks from their climate commitments.
This year’s Banking on Climate Chaos report shows that in 2024, the world’s top 65 banks lent and underwrote US$162.5 billion more to fossil fuel companies than the previous year. Of the total financial, US$429 billion were provided to companies with explicit fossil fuel expansion plans – despite the fact that many banks have policies to stop funding new oil and gas projects.
