Major banks pour $7 trillion into fossil fuels post-Paris Agreement
The world’s largest banks have reportedly funneled a staggering $6.9 trillion into fossil fuel projects since the Paris Agreement, worsening the climate crisis.
The annual “Banking on Climate Chaos” report exposes the extent of financial support for oil, gas and coal industries.
US giants JPMorgan Chase, Citigroup, and Bank of America lead the pack, collectively contributing more than $1.1 trillion.
Overall, Citibank has spent the most on fossil fuel expansion since 2016 at $204 billion, while JPMorgan was the top funder of expansion in 2023 with $19.3 billion.
Despite a slight dip in funding last year, these institutions continue to invest in environmentally harmful ventures, contradicting climate commitments.
The report’s co-authors emphasize the urgency of redirecting financial resources toward sustainable alternatives.
They highlight the destructive impact of such investments on communities and ecosystems worldwide.
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