Global banks pledged to fight the climate crisis. Then they invested $906 billion in oil and gas

Despite global pledges to combat climate change, the world's largest financial institutions collectively invested $906 billion in the fossil fuel sector last year. This substantial financial injection into coal, oil, and gas extraction guarantees the continued expansion of these industries for years to come, according to a new report. The coalition of environmental organizations behind the analysis noted that this represents an increase of $64 billion, or nearly 8%, compared to 2024.

The report, "Banking on Climate Chaos," identifies American conglomerate JPMorgan Chase as the leading financier of fossil fuels for the past year. The bank directed $58 billion to the sector, a 13% increase from the previous year. Following JPMorgan Chase were Bank of America, Japan's MUFG and Mizuho Financial, and another American giant, Citigroup. British bank Barclays ranked eighth globally and led among UK banks in investment volume.

Caleb Schwartz, a policy analyst at the Rainforest Action Network and co-author of the report, expressed deep concern over the trend. "We hoped that last year would be a turning point when historical financing figures would finally begin to steadily decline. Instead, we recorded growth that continues to this day," he stated. "This is an extremely alarming trend."

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We hoped that last year would be a turning point when historical financing figures would finally begin to steadily decline. Instead, we recorded growth that continues to this day. This is an extremely alarming trend.

JPMorgan Chase, in response, defended its position, stating, "As one of the world’s largest investors in energy, we support the full spectrum of technological solutions in this field. Our priority is the reliability, affordability, security, and long-term sustainability of energy systems." The bank asserted that its own data more accurately reflects its activities than external assessments.

This surge in fossil fuel financing directly contradicts international agreements like the Paris Climate Agreement, signed in 2015, where world leaders committed to limiting global temperature rise to 1.5 degrees Celsius above pre-industrial levels. Since the agreement, major banks have funneled an estimated $8.7 trillion into fossil fuel exploration and extraction. Scientists now predict that the 1.5-degree threshold is likely to be breached within this decade, a situation exacerbated by geopolitical events that have driven up oil and gas prices and led to record profits for commodity corporations.

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As one of the world’s largest investors in energy, we support the full spectrum of technological solutions in this field. Our priority is the reliability, affordability, security, and long-term sustainability of energy systems. We are convinced that our own data reflects the structure of our activities much more fully and accurately than external assessments.