List of Banks Funding the Largest Fossil Fuel Companies since 2016

The 2024 Fossil Fuel Finance Report from Banking on Climate Chaos (BOCC) reveals widespread greenwashing—the practice of making something appear environmentally sustainable—through loans and underwriting by 60 of the world's largest banks to over 4,200 fossil fuel companies. Financing also targets companies causing degradation in the Amazon and Arctic regions.

In its 15th annual report, received by Databoks, BOCC explains that since the 2016 Paris Agreement, the world's 60 largest private banks have financed fossil fuels to the tune of US$6.9 trillion. Almost half of this, US$3.3 trillion, was channeled into fossil fuel expansion.

Latest data from 2023 shows banks financed US$705 billion in fossil fuels, with US$347 billion allocated to fossil fuel expansion alone.

JP Morgan Chase ranks as the world's top fossil fuel financier, providing US$40.8 billion to fossil fuel companies in 2023. Cumulatively since 2016, the bank is reported to have disbursed US$430 billion.

"They also rank first for fossil fuel expansion in 2023," wrote the BOCC team in their press release cited on Tuesday (July 23, 2023).

Citigroup follows in second place, believed to have disbursed US$396 billion in fossil fuel financing since 2016. In 2023 alone, this US bank reportedly contributed US$30.27 billion.

"The worst funder of fossil fuel expansion since the Paris Agreement is Citibank, which has disbursed US$204 billion since 2016," states the BOCC report.

Third is Bank of America, which channeled a total of US$333 billion since 2016. Its contribution in 2023 amounted to US$33.68 billion, making it the third largest contributor last year.

Next are MUFG and Wells Fargo, each disbursing US$307 billion and US$296 billion respectively since 2016. The remaining figures are shown in the graph.

BOCC explains that several banks are increasing their exposure to climate risk by weakening or abandoning their already weak policies.

Bank of America, for example, has reinstated financing for Arctic drilling, coal thermal, and coal-fired power plants. BOCC notes their failure to disclose energy ratios or short-term absolute emission targets and their disregard for the Equator Principles.

"At the time of this report's publication, they are the only major bank exhibiting all of these climate policy failures simultaneously," writes the BOCC team.

The report's methodology compiles several primary sources by tracking banks' participation in corporate financial transactions, including bonds, loans, and equity issuances.

Each bank in the report was contacted by BOCC for confirmation and given the opportunity to review the financial deals attributed to them.

BOCC is authored by Rainforest Action Network; BankTrack; Center for Energy, Ecology, and Development; Indigenous Environmental Network; Oil Change International; Reclaim Finance; Sierra Club; and Urgewald. The report is supported by 589 organizations in 69 countries.