Overview

• The world’s 65 largest banks increased their financing for coal, oil and gas companies to $869 billion in 2024, up $162 billion from 2023.
• Four of the five top fossil fuel financiers were U.S. banks, led by JPMorgan Chase, which lent $53.5 billion for oil and gas projects.
• Canadian lenders also climbed into the top 10, with RBC committing $34.3 billion and TD Bank Group $29 billion to fossil fuel firms.
• Lower interest rates and heightened global energy demand were cited as key drivers of the rebound in fossil fuel lending.
• Environmental coalitions are urging governments to impose binding regulations to force banks to curb financing for carbon-intensive energy.