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This 15th annual version of the report continues to investigate the fossil fuel financing and policies of the world’s 60 largest banks.
Fossil fuel financing from the world’s 60 largest banks has reached nearly $6.9 trillion in the eight years since the adoption of the Paris Agreement, with $705 billion in 2023 alone. It also highlights frontline stories of people leading against destructive fossil fuel projects and companies around the world. Even after clear messages from the IEA and IPCC that we can’t afford any new fossil fuels, banks continue to finance fossil fuel expansion to the tune of $347 billion in 2023.
BankingOnClimateChaos reveals that fossil fuel financing from the world’s top 60 banks has reached $6.9 TRILLION. Instead of investing in a livable future for us all, big banks are driving climate devastation and human rights violations in every corner of the world.
We’re at a critical moment for our climate. Every dollar spent on fossil fuels is a dollar too much. Big banks have committed over $6.9 TRILLION to fossil fuels in the past 8 years, including $3.3 trillion to the companies behind coal, oil, and gas expansion around the world. These banks are equally responsible for climate chaos as the companies they support.
Methane gas (what the industry greenwashes as liquefied “natural” gas or LNG) is the fastest-growing fossil fuel sector in the world. Financing of this toxic and volatile poison keeps going up, increasing from $116 billion in 2022 to almost $121 billion in 2023. There’s nothing “natural” about fossil fuel expansion.