BANKING ON CLIMATE CHAOS 2025

The report finds that global banks significantly increased fossil fuel financing in 2024, totaling $869 billion, with $429 billion specifically directed toward fossil fuel expansion. This trend persists despite climate pledges and the Paris Agreement goals. The analysis highlights a retreat from voluntary climate commitments, such as the collapse of the Net Zero Banking Alliance, and identifies major financiers including JPMorgan Chase, Bank of America, and Citigroup. It also documents the human rights and environmental harms caused by these investments in regions such as the Amazon, the Arctic, and Southeast Asia.

• The 65 largest banks globally committed $869 billion USD to companies conducting business in fossil fuels in 2024, representing an increase of over $162 billion USD from 2023.
• Financing for fossil fuel expansion increased by $84.4 billion USD in 2024, with the 65 largest banks committing $429 billion USD to expansion companies.
• JPMorgan Chase was the world's top fossil fuel financier in 2024, providing $53.5 billion in financing, and the top financier for expansion with $27.8 billion.
• Since the Paris Agreement took effect in 2016, the 65 banks analyzed have committed a cumulative total of $7.9 trillion USD in fossil fuel financing.
• There has been a significant retreat from voluntary climate commitments, evidenced by the collapse of the Net Zero Banking Alliance (NZBA), with all U.S., Canadian, and Japanese member banks in the report defecting from the alliance.
• Many bank exclusion policies contain loopholes, such as excluding only project finance while allowing corporate finance, resulting in 70% of 2024 fossil fuel expansion financing coming from banks with some form of exclusion policy.
• U.S. banks are the dominant global fossil fuel financiers, committing $289 billion in 2024, which is one-third of the global in-scope financing.

APA

Reclaim Finance (2025). BANKING ON CLIMATE CHAOS 2025. https://www.bankingonclimatechaos.org/wp-content/uploads/2025/06/BOCC_2025_FINAL4.pdf

Chicago

Reclaim Finance. BANKING ON CLIMATE CHAOS 2025. 2025. https://www.bankingonclimatechaos.org/wp-content/uploads/2025/06/BOCC_2025_FINAL4.pdf.

Wikipedia

{{cite report |author=Reclaim Finance |title=BANKING ON CLIMATE CHAOS 2025 |date=June 2025 |url=https://www.bankingonclimatechaos.org/wp-content/uploads/2025/06/BOCC_2025_FINAL4.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{reclaimfinance2025banking, author = {{Reclaim Finance}}, title = {{BANKING ON CLIMATE CHAOS 2025}}, institution = {Reclaim Finance}, year = {2025}, month = jun, url = {https://www.bankingonclimatechaos.org/wp-content/uploads/2025/06/BOCC_2025_FINAL4.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }