FOSSIL FUEL FINANCE REPORT 2022

The report finds that the world's 60 largest banks provided USD $4.6 trillion in fossil fuel financing from 2016 to 2021, with $742 billion in 2021 alone. It highlights a significant gap between banks' net-zero commitments and their actual lending and underwriting practices, particularly regarding companies expanding oil, gas, and coal production. The analysis identifies JPMorgan Chase as the world's worst banker of fossil fuels over this period. The report also details financing in high-impact subsectors, such as tar sands, Arctic oil and gas, and coal power, while emphasizing the human rights impacts on Indigenous and frontline communities.

• Between 2016 and 2021, the 60 largest private sector banks provided USD $4.6 trillion in fossil fuel financing, with $742 billion provided in 2021 alone.
• JPMorgan Chase is identified as the world's worst banker of fossil fuels, maintaining this position every year since the Paris Agreement.
• Four U.S. banks—JPMorgan Chase, Citi, Wells Fargo, and Bank of America—dominate global fossil fuel financing, accounting for 25% of all identified financing over the last six years.
• Despite 44 of the 60 banks committing to net-zero emissions by 2050, these banks provided $145.9 billion in 2021 to the 100 companies most responsible for expanding oil, gas, and coal.
• Financing for tar sands oil increased by 51% from 2020 to 2021, reaching $23.3 billion, driven largely by Canadian banks RBC and TD.
• Bank policies are often insufficient because they focus on project-specific finance rather than corporate-level financing; project-related finance accounted for only 5% of fossil fuel financing over the last six years.
• Financing for coal power has remained essentially flat over the last three years at approximately $44 billion per year, with China Merchants Bank and Ping An Group leading in 2021.
• La Banque Postale is cited as a leader for its 2021 commitment to end financing for all companies expanding oil and gas and to exit the sector entirely by 2030.
• The report identifies a significant disconnect between bank policies and the actual flow of money, noting that 67% of financing went to oil and gas companies, while most bank restrictions target unconventional sources like the Arctic or tar sands.

APA

Reclaim Finance (2022). FOSSIL FUEL FINANCE REPORT 2022. https://www.bankingonclimatechaos.org//wp-content/themes/bocc-2021/inc/bcc-data-2022/BOCC_2022_vSPREAD.pdf

Chicago

Reclaim Finance. FOSSIL FUEL FINANCE REPORT 2022. 2022. https://www.bankingonclimatechaos.org//wp-content/themes/bocc-2021/inc/bcc-data-2022/BOCC_2022_vSPREAD.pdf.

Wikipedia

{{cite report |author=Reclaim Finance |title=FOSSIL FUEL FINANCE REPORT 2022 |date=30 March 2022 |url=https://www.bankingonclimatechaos.org//wp-content/themes/bocc-2021/inc/bcc-data-2022/BOCC_2022_vSPREAD.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{reclaimfinance2022fossil, author = {{Reclaim Finance}}, title = {{FOSSIL FUEL FINANCE REPORT 2022}}, institution = {Reclaim Finance}, year = {2022}, month = mar, url = {https://www.bankingonclimatechaos.org//wp-content/themes/bocc-2021/inc/bcc-data-2022/BOCC_2022_vSPREAD.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }