World’s largest banks pledged $906bn to fossil fuel companies in ‘unfathomable’ increase in 2025, report finds

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The $64bn year-on-year increase, an 8% rise, comes despite the Paris Agreement’s 1.5°C target, with lending now concentrated among a “dirty dozen” of institutions led by JPMorgan Chase at $58bn, followed by Bank of America, MUFG, Mizuho, and Citigroup. The report, Banking on Climate Chaos, notes that 26 of the 65 largest banks reduced fossil fuel financing, while $508bn went specifically to expanding existing sites, a 27% jump. The increase follows the disbanding of the Net-Zero Banking Alliance amid political pressure in the US.