The world's 65 largest banks funneled $906 billion to fossil fuel companies in 2025, according to the 17th Banking on Climate Chaos report released today. This represents an 8% increase from the previous year and pushes cumulative fossil fuel financing to $8.7 trillion since the Paris Agreement was signed in 2015.
JPMorgan Chase and Bank of America lead the pack as the top two fossil fuel funders globally. The $906 billion committed in 2025 alone demonstrates that major financial institutions continue to accelerate investments in oil, gas, and coal expansion despite rising climate commitments and net-zero pledges from many of these same banks.
The Paris Agreement set a target of limiting global warming to 1.5 degrees Celsius above pre-industrial levels. The banking sector's continued trajectory of fossil fuel financing directly conflicts with the emissions reductions required to meet that goal. The International Energy Agency estimates that achieving net-zero emissions by 2050 requires immediate and steep reductions in fossil fuel investment.
The report indicates a systematic pattern. Rather than redirecting capital toward renewable energy and climate solutions, the largest financial institutions have increased their fossil fuel exposure year-over-year. The 8% jump from 2024 to 2025 signals that divestment momentum remains weak despite climate science consensus about the need for rapid energy transition.
This financing includes direct loans to fossil fuel companies, underwriting services for bond and equity offerings, and other financial instruments that enable ongoing oil and gas expansion. Banks often structure these deals through complex mechanisms that obscure the climate impact of their portfolios.
The Banking on Climate Chaos report tracks 65 banks across North America, Europe, and Asia. The findings underscore how financial sector behavior remains misaligned with stated climate goals. Until regulatory frameworks impose stricter limitations on fossil fuel financing or shareholders demand substantive