Banks ramped up fossil fuel financing by in 2024

Amongst Asian banks, Mizuho Financial and Mitsubishi UFJ Financial are on top of the list.

The world’s 65 biggest banks committed $869b was committed to companies conducting business in fossil fuels in 2024, of which $429b are for those expanding fossil fuel production, according to a study by the Banking on Climate Chaos (BOCC) coalition.

The committed amount is over $162b higher than the committed financing in 2023.

In total, 48 of the 65 banks covered in the report expanded their fossil fuel financing between 2023 and 2024, according to “Banking on Climate Chaos”, a fossil fuel finance report published in June 2025.

“In 2024, global banks walked back many of those climate pledges and significantly increased their fossil fuel financing, including ramping up finance for fossil fuel expansion,” the report stated.

J.P. Morgan Chase was the top financier of fossil fuels in 2024, with $53.5b in financing given out. This is followed by Bank of America ($46b), Citigroup ($44.7b), Mizuho Financial ($40.3b), and Wells Fargo ($39.3b).

For fossil fuel expansion financing, J.P. Morgan Chase also topped the list, extending $27.8b.

Bank of America ($23.5b). Mizuho Financial ($22b), Citigroup ($21b), and CITIC ($18.4b) were the top banks extending expansion financing for fossil fuel projects.

The top ten banks that grew their financing into fossil fuels are J.P. Morgan Chase, Citigroup, Bank of America, Barclays, Goldman Sachs, Toronto-Dominion Bank, Wells Fargo, Morgan Stanley, CIBC, and CITIC.

The 65 banks profiled in the 2025 report have committed $7.9 trillion in fossil fuel financing since 2016, the year the Paris Agreement went into effect, the report said.

This growth in fossil fuel finance is troubling because new fossil fuel infrastructure locks in more decades of fossil fuel dependence, the report said.

It is estimated that a US$14t to US$17t annual funding gap exists in the move for a zero-carbon future, according to a separate 2024 report by Force for Good.

The BOCC coalition, which produced the report, includes Rainforest Action Network, BankTrack, Center for Energy, Ecology, and Development, Indigenous Environmental Network (IEN), Oil Change International (OCI), Reclaim Finance, the Sierra Club, and Urgewald.