Major Banks Continue Massive Fossil Fuel Financing Despite Climate Goals

New report reveals $700 billion in loans and underwriting to fossil fuel companies in 2023, raising concerns over greenwashing and climate commitments.

Sixty of the world's largest banks funneled over $700 billion into fossil fuels last year, per a new report.
Since the Paris Agreement in 2016, banks have financed fossil fuels with an estimated $7 trillion.
JPMorgan Chase, Mizuho Financial Group, and Bank of America are among the top financiers of fossil fuel projects.
Environmental groups criticize banks for not reducing fossil fuel financing quickly enough to meet climate targets.
Banks defend their actions, citing commitments to sustainable finance and questioning the report's methodology.