A new report indicates that the world's largest banks reversed a trend of declining fossil fuel financing by committing $869 billion to coal, oil, and gas companies in 2024. Two-thirds of the top 65 banks boosted their investments despite worsening climate evidence. The report highlights that four of the five highest fossil fuel financiers are American banks, with JPMorgan Chase leading the charge. This trend poses a serious threat to global climate efforts just as the scientific community warns against continued fossil fuel projects, correlating with the US's withdrawal from green finance initiatives under shifting political priorities.
Despite the worsening climate crisis, the world's largest banks increased financing to fossil fuel companies, committing $869 billion in 2024, revealing a stark contradiction in environmental commitments.
Two-thirds of the world's biggest banks, including several major American institutions, upped their fossil fuel financing amidst increased climate risks, demonstrating a troubling trend reversing past progress.
Climate experts have warned against new fossil fuel projects as 2023 was the hottest year recorded, highlighting the urgent need to change financing patterns by leading banks.
The withdrawal of the US treasury from global green finance networks reflects a troubling shift in climate policy under new political leadership, impacting banks' environmental commitments.
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