Two seagulls sitting on rocks in front of an oil rig near the shore.

Banks increase fossil fuel financing despite climate pledges

The world’s largest banks poured $869 billion into fossil fuel companies in 2024, up sharply from the year before, despite public commitments to fight climate change.

Georgina Gustin reports for Inside Climate News.

In short:

U.S. banks led global fossil fuel financing in 2024, with JPMorgan Chase, Bank of America, and Citigroup providing more funding than any other institutions worldwide.
Much of the $869 billion financed companies with clear plans to expand fossil fuel development, defying global climate goals set by the International Energy Agency.
A growing number of banks have left or weakened their commitments to international climate alliances, often citing political and market pressures, including anti-ESG (environmental, social and governance) campaigns.

Key quote:

“What banks are doing by increasing their financing to the fossil fuel industry is directly at odds with the signal sent by international governments.”

— Caleb Schwartz, Rainforest Action Network

Why this matters:

The financial sector plays a powerful role in shaping the future of energy. When banks increase funding for fossil fuel expansion, they help lock in decades of carbon emissions, undermining international climate goals. These investments aren't just numbers on a balance sheet — they’re decisions that influence real-world outcomes like extreme weather, air pollution, and global temperature rise. As U.S. banks ramp up fossil fuel financing, they also sidestep the spirit of climate agreements and widen the gap between stated goals and actual behavior. This disconnect raises questions about transparency, accountability, and the true influence of financial interests in slowing or accelerating environmental degradation.

insideclimatenews.org

Banks increase fossil fuel financing despite climate pledges

World will surpass 1.5C warming limit in two years if emissions stay on current track

Climate change is set to shrink crop yields in top farming nations, raising global hunger risks

Supreme Court clears path for temporary nuclear waste storage in Texas and New Mexico

New York Assembly ends session without voting on plastic packaging waste bill

States push for coal ash control as federal oversight weakens

Trump moves to open protected Arctic lands in Alaska to oil drilling

AI tools vary in their environmental impact as energy demands grow

Multiple Houston-area oil and gas facilities that have violated pollution laws are seeking permit renewals

One facility has emitted cancer-causing chemicals into waterways at levels up to 520% higher than legal limits.

Pennsylvania health advocates say Trump’s first 100 days in office have caused “100 harms” to local communities

“They're terrorizing these scientists because they want to keep them silent.”

Regulators are underestimating health impacts from air pollution: Study

"The reality is, we are not exposed to one chemical at a time.”

Two years into his term, has Gov. Shapiro kept his promises to regulate Pennsylvania’s fracking industry?

A new report assesses the administration’s progress and makes new recommendations

An open letter from EPA staff to the American public

“We cannot stand by and allow this to happen. We need to hold this administration accountable.”

New evidence links heavy metal pollution with wildfire retardants

“The chemical black box” that blankets wildfire-impacted areas is increasingly under scrutiny.