World’s largest banks pledged $906bn to fossil fuel companies in ‘unfathomable’ increase in 2025, report finds
Summary
In 2025, the world’s biggest 65 banks gave $906 billion to fossil fuel companies, an increase of nearly 8% compared to 2024. This funding supports coal, oil, and gas production despite global efforts to reduce emissions and limit climate change.Key Facts
- Banks increased funding for fossil fuels by $64 billion (almost 8%) in 2025, totaling $906 billion.
- JPMorgan Chase was the top lender, providing $58 billion to fossil fuels, a 13% increase from 2024.
- Bank of America, MUFG, Mizuho, and Citigroup were the next biggest lenders.
- Since the 2015 Paris Agreement, banks have lent $8.7 trillion to fossil fuel projects.
- Nearly 40% of fossil fuel financing comes from 12 large banks, mostly located in the US, Canada, Japan, China, the UK, and the EU.
- Some European banks, including BNP Paribas, UBS, and La Caixa, reduced their fossil fuel lending in 2025.
- Despite changing energy policies, fossil fuel companies continue expanding with increased financing from banks.
- The increase in fossil fuel financing contrasts with global climate goals to limit warming to 1.5°C above pre-industrial levels.
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