Report: Banks Pour $906 Billion Into Fossil Fuels

Is this sabotaging the Paris Agreement or simply meeting urgent global energy demands?

JUN 9·Updated JUN 10

Report: Banks Pour $906 Billion Into Fossil Fuels

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Above: A man stands next to Pemex pumpjacks in Veracruz state, Mexico on April 10. Image credit: Marco Antonio Martinez/AFP/Getty Images

The Spin

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 as wars in Ukraine and the Middle East proved fossil fuel dependence creates instability, not security. Binding financial regulations are the only path forward.

Rainforest Action Network

Banks financing fossil fuels are responding to real global energy demand. All the banks named remain committed to sustainable finance 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.

S&P Global Financial Times

The alarmism around "financing climate change" is thankfully beginning to shift. The overly restrictive rhetoric about looming "climate catastrophe" is pivoting towards more nuanced views that balance economic growth and energy security. There has been a pivot away from a faulty illusion of a green economy to a more realistic and prosperous vision.

Los Angeles Times

Metaculus Prediction

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.