"Unfathomable" - In 2025, Global Banks Provided $906 Billion In Fossil Fuel Funding - Up 8% In Just1 Year

[hatrack]

The world’s largest banks committed $906bn in financing to the fossil fuel industry last year, an “unfathomable” increase in investment locking in years more of coal, oil and gas production as the world continues to overheat, a new report has found. The surge in new fossil fuel lending, up $64bn or nearly 8% on 2024, shows that the world’s largest 65 banks are making decisions incompatible with international agreements to restrain rising global temperatures, according to the coalition of environmental groups behind the new analysis.

JPMorgan Chase is again the world’s leading financier of fossil fuels, according to the annual Banking on Climate Chaos report, after pushing $58bn to the sector last year – up 13% from 2024. Bank of America committed the second largest amount to fossil fuels last year, followed by Japanese banks MUFG and Mizuho Financial. Citigroup, another US bank, rounds out the top five, with Barclays, at number eight, the highest placed British bank.

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Scientists now predict that the 1.5C limit will be breached imminently, with a recent string of record hot years set to be further surpassed this decade. In the wake of the US and Israel’s attack on Iran, which has escalated the global cost of oil and gas, several of the world’s largest fossil fuel companies have reported surging profits this year.

“The fossil fuel incumbents are not going out with a whimper,” said Niko Lusiani, a climate and energy expert who edited this year’s report. “They are doubling down to expand an increasingly fragile, unreliable, risky energy system.”

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https://www.theguardian.com/environment/2026/jun/09/world-banks-pledge-billions-fossil-fuel-industry-2025

[SamuelAdams]

1. That's what happens when the U.S. President is a fossil fuel supporter.

Seems like people in the Green Party should think about that.

[RB77]

2. Seems like all of us should think about this!

What’s the use in obsessing in all of our ‘pet social issues’ when our children (in my case grandchildren) are looking toward a bleak, difficult future.