Banks pumping $906 billion into fossil fuels in 2025 — an 8% jump from 2024 — are actively sabotaging the Paris Agreement and locking in decades of carbon emissions. JPMorgan Chase alone funneled $58 billion to fossil fuel companies, a 13% increase, even as wars in Ukraine and the Middle East proved fossil fuel dependence creates instability, not security. VoluntaryBinding pledges have collapsed, and binding financial regulations are the only path forward.
Banks financing fossil fuels are responding to real global energy demand — Venture Global received $33 billion precisely because energy security concerns are surging worldwide. JPMorgan supports the full range of energy solutions prioritizing reliability and affordability, and Citi remains committed to a $1 trillion sustainable finance goal alongside traditional energy, even as renewables remain uncertain investments. Cutting off fossil fuel financing before viable alternatives scale up would devastate energy affordability for households globally and induce economic precarity.
There is a 50% chance that fossil fuels will make up less than 50% of global primary energy consumption by 2050, according to the Metaculus prediction community.
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