Banking on Climate Chaos 2024

The 2024 Banking on Climate Chaos report reveals that the 60 largest global banks committed $705.8 billion to fossil fuel companies in 2023, with $347.5 billion directed toward companies with active expansion plans. JPMorgan Chase is identified as the worst financier of fossil fuels, while Japanese megabanks like Mizuho and MUFG are prominent in methane gas (LNG) financing. The report highlights significant policy gaps, noting that many banks use intensity-based metrics rather than absolute emissions targets and that some North American banks have rolled back previous exclusions for coal and Arctic oil and gas. It argues that current 'net zero' targets often serve as loopholes for continued investment in fossil fuel infrastructure, particularly in Southeast Asia.

• The 60 largest banks globally committed $705.8 billion USD to companies active in fossil fuels in 2023, bringing the cumulative total since the Paris agreement to $6.9 trillion.
• Of the 2023 financing, $347.5 billion was directed to companies with expansion plans as identified by the Global Oil & Gas Exit List (GOGEL) and the Global Coal Exit List (GCEL).
• JPMorgan Chase is the top financier of fossil fuels, increasing its commitments from $38.7 billion in 2022 to $40.8 billion in 2023, and is the worst financier of companies with expansion plans.
• Japanese megabanks Mizuho and MUFG are dominant in methane gas (LNG) finance, providing $10.9 billion and $8.4 billion respectively to companies expanding in that sector.
• Financing for methane gas (LNG) import and export capacity under development rose from $116.0 billion in 2022 to $121.0 billion in 2023.
• Several North American banks, including Bank of America, PNC, and Bank of Montreal, rolled back previous exclusion policies for coal and Arctic oil and gas in late 2023.
• Many banks' net-zero commitments are flawed because they rely on intensity-based metrics rather than absolute emissions reductions and often exclude underwriting (facilitated emissions) from their targets.

APA

Reclaim Finance (2024). Banking on Climate Chaos 2024. https://reclaimfinance.org/site/wp-content/uploads/2024/06/BOCC_2024.pdf

Chicago

Reclaim Finance. Banking on Climate Chaos 2024. 2024. https://reclaimfinance.org/site/wp-content/uploads/2024/06/BOCC_2024.pdf.

Wikipedia

{{cite report |author=Reclaim Finance |title=Banking on Climate Chaos 2024 |date=13 May 2024 |url=https://reclaimfinance.org/site/wp-content/uploads/2024/06/BOCC_2024.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{reclaimfinance2024banking, author = {{Reclaim Finance}}, title = {{Banking on Climate Chaos 2024}}, institution = {Reclaim Finance}, year = {2024}, month = may, url = {https://reclaimfinance.org/site/wp-content/uploads/2024/06/BOCC_2024.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }