The world's largest banks are pouring money into the fossil fuel industry, locking in more coal, oil, and gas production as the planet continues to overheat. This is despite international agreements to limit global temperature rise and the Paris climate deal's goal to prevent a breach of 1.5C above pre-industrial levels. The situation is dire, and the consequences are already being felt.
JPMorgan Chase, the world's leading financier of fossil fuels, pushed $58 billion to the sector last year, a 13% increase from 2024. This surge in lending is incompatible with the international agreements to restrain rising global temperatures, according to the coalition of environmental groups behind the report.
The report highlights a troubling trend: the world's largest 65 banks are making decisions that lock in years more of coal, oil, and gas production. This is despite the Paris climate deal's goal to prevent a breach of 1.5C above pre-industrial levels. The consequences of this are already being felt, with record-breaking heatwaves, floods, and droughts.
The fossil fuel industry is not going out with a whimper, but rather with a bang. The industry is doubling down to expand an increasingly fragile, unreliable, and risky energy system. This is despite the political pressure from Donald Trump, who has called the climate crisis 'bullshit' and demanded unfettered fossil fuel extraction.
The report also highlights the concentration of fossil fuel lending among a select few large institutions, with the 'dirty dozen' responsible for 40% of all industry funding. This is despite the fact that 26 out of the top 65 largest banks reduced their fossil fuel financing last year.
The consequences of this lending are already being felt, with the largest banks pledging $508 billion for the expansion of existing fossil fuel sites last year, a 27% increase on 2024. This is despite the fact that the world's largest banks have funnelled $8.7 trillion to the fossil fuel industry since the Paris agreement.
The situation is dire, and the consequences are already being felt. The world's largest banks are pouring money into the fossil fuel industry, locking in more coal, oil, and gas production as the planet continues to overheat. This is despite international agreements to limit global temperature rise and the Paris climate deal's goal to prevent a breach of 1.5C above pre-industrial levels.
In my opinion, this is a critical issue that requires immediate attention. The world's largest banks are making decisions that are incompatible with the international agreements to restrain rising global temperatures. This is a troubling trend that needs to be addressed.
The consequences of this lending are already being felt, with the largest banks pledging $508 billion for the expansion of existing fossil fuel sites last year, a 27% increase on 2024. This is despite the fact that the world's largest banks have funnelled $8.7 trillion to the fossil fuel industry since the Paris agreement.
The situation is dire, and the consequences are already being felt. The world's largest banks are pouring money into the fossil fuel industry, locking in more coal, oil, and gas production as the planet continues to overheat. This is despite international agreements to limit global temperature rise and the Paris climate deal's goal to prevent a breach of 1.5C above pre-industrial levels.
In my opinion, this is a critical issue that requires immediate attention. The world's largest banks are making decisions that are incompatible with the international agreements to restrain rising global temperatures. This is a troubling trend that needs to be addressed.
