New Report: Global Banks Financed Fossil Fuels with $8.7 Trillion Since the Paris Agreement, $906 Billion in 2025 Alone

The latest edition of the Banking on Climate Chaos (BOCC) report reveals that the world’s 65 largest banks provided a staggering $906 billion in financing to fossil fuel companies in 2025, marking an 8% increase from the previous year. Since the Paris Agreement was signed in 2015, these banks have funnelled a total of $8.7 trillion into oil, gas, and coal projects. JPMorgan Chase remains the top financier, committing $58 billion in 2025, followed by Bank of America and Japan’s Mitsubishi UFJ Financial Group, both contributing around $47 billion. The report highlights that the twelve largest fossil fuel banks, dubbed the “Dirty Dozen,” account for nearly 40% of global bank fossil fuel financing, illustrating the concentrated nature of this funding. The report draws attention to a sharp rise in financing for fossil fuel expansion, which surged by 27% to $508 billion in 2025, a trend that runs counter to efforts to limit global warming to 1.5°C. This increase is particularly evident in midstream oil and gas infrastructure, including pipelines and LNG export terminals, which lock in fossil fuel dependence for decades to come. Coal mining and power expansion financing also continued to climb, despite the urgent need to phase out such activities. Notably, U.S. banks have increased their share of global fossil fuel financing to 32%, making them the largest single source, while European banks show mixed trends, with some reducing their fossil fuel exposure and others increasing it. The report criticises the ineffectiveness of voluntary climate commitments by banks, especially following the collapse of the Net-Zero Banking Alliance (NZBA), which has led to the rollback of many fossil fuel restrictions. Major North American banks have largely abandoned meaningful fossil fuel commitments, with JPMorgan Chase and Goldman Sachs dropping coal and Arctic exclusions in favour of weaker, case-by-case assessments. This erosion of policies underscores the need for stronger regulatory frameworks rather than relying on voluntary pledges. Prominent environmental campaigners and experts expressed deep concern over the findings, emphasising that continued fossil fuel financing exacerbates climate risks and social injustices. Jessye Waxman of the Sierra Club warned that banks’ support for fossil fuel expansion threatens economic stability and investor portfolios alike. Indigenous leaders highlighted the ongoing harm to their communities and called for an immediate end to fossil fuel financing and a legally mandated phase-out. The consensus among advocates is clear: without binding regulations, banks will persist in funding fossil fuels, undermining global climate goals and the rights of vulnerable populations. The report’s findings have significant implications for the future of climate finance and policy. With fossil fuel financing on the rise despite international climate commitments, there is growing pressure on governments to impose mandatory restrictions on banks’ fossil fuel investments. The entrenched support for fossil infrastructure suggests that without decisive intervention, the global economy risks locking in decades of carbon emissions, making it increasingly difficult to achieve net-zero targets. The BOCC report serves as a