Overview

• Global financing from the top 65 banks jumped to $869 billion in 2024, up $162 billion from 2023 and reversing a decline that began in 2021.
• US lenders dominated the list of largest financiers, with JPMorgan Chase leading at $53.5 billion, followed by Bank of America and Citigroup.
• Barclays topped European banks in fossil fuel funding, committing $35.4 billion to oil, gas and coal projects.
• Banks provided $429 billion to companies expanding fossil fuel operations last year, contributing to $1.6 trillion in expansion financing since 2021 despite International Energy Agency warnings against new projects.
• In January, six major US banks withdrew from the Net Zero Banking Alliance following President Trump’s election victory, loosening industry-wide climate accountability.