The 16th annual Banking on Climate Chaos reports $429bn of bank funding going to fossil fuel expanding companies last year; a total of $1.6tr since 2021 and $7.9tr dollars since the Paris Agreement.

JP Morgan Chase was the largest fossil fuel financier in the world, committing $53.5bn to fossil fuel companies in 2024 and US banks committed $289bn in fossil fuel financing in 2024 overall. The top four US banks alone represent 21 per cent of total global fossil fuel financing in the scope of this report.

Banking on Climate Chaos is authored by Rainforest Action Network, BankTrack, the Center for Energy, Ecology, and Development, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, and Urgewald. It has been endorsed by 480 organizations in 69 countries.

Allison Fajans-Turner, policy lead at Rainforest Action Network and co-author of the report, said: “Only rapid and robust binding government regulation and oversight can make banks change course. Without binding regulation, banking on climate chaos will remain banks’ dominant investment strategy, tanking our economy and our planet.”

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