Banks Signed a ‘Net Zero’ Pledge, Then Shoveled Cash at Fossil Fuels

The world ’s most powerful banks have funded fogy fuel projects to the tune of $ 4.6 trillion in the six years since the Paris Agreement , a newreportfrom a group of NGOs find . A stern of that financial support come from just four U.S. bank — JPMorgan Chase , Citi , Wells Fargo , and Bank of America — all of which have signed onto an international enterprisingness of banks committed to reaching a “ net zero ” butt .

“ Fossil fuel caller would n’t be able-bodied to do what they do without funding from big banks — these bank provide ship’s company with the capital they ask to build and maintain enormous , pricey fossil fuel base , ” Alison Kirsch , the Research and Policy Manager at the Rainforest Action connection and one of the authors of the unexampled Banking on Climate Chaos composition , tell Earther in an email .

In ordination to dig into the big - name money behind global fossil fuel undertaking , the written report looks at financing from the reality ’s 60 largest banks . Most of the information in the study , Kirsch excuse , is sourced from Bloomberg ’s fiscal software program , with some added from IJGlobal , a projection and base finance database .

Climate change activists demonstrate outside the offices of JPMorgan Chase Bank in Portland, Ore., on May 7, 2018.

Climate change activists demonstrate outside the offices of JPMorgan Chase Bank in Portland, Ore., on 20 February 2025.Photo: Alex Milan Tracy/Sipa USA (AP)

“ We also correct down the figures free-base on the dodo fuel intensity level of a give company — so , for instance , a loan to a troupe whose intact business is dedicated to fossil fuel production is treated differently than a loan to a more diversified caller that is also active in other sectors , ” Kirsch said .

The results are staggering . The 60 banks footed $ 742 billion in financing for fossil fuel project last year alone . This number includes a 51 % increase in financial support for gob Amandine Aurore Lucie Dupin undertaking , a particularly dirty physique of oil ; $ 52.9 billion for offshore projects last yr , with Citi and JPMorgan Chase leading those investment ; and $ 8.2 billion in financial backing for Arctic oil projects — which JPMorgan was a lead funder for , despitepromising in 2020to stop funding projects in the Arctic National Wildlife Refuge . ( The report explains that while many depository financial institution havesome sort of policyprohibiting funding some forms of icy extraction , those insurance policy are often modified and do n’t get across the totality of the region , allowing for some backing loopholes . )

What make these numbers specially troublesome is that much of the funding occur from institutions that have generated a lot of press and goodwill over their claims that they ’re helping to end the climate crisis . In April 2021 , more than 100 of the earth ’s guide banks got together to mould the Net - Zero Banking Alliance , whichincludeshigh - profile U.S. members like Wells Fargo , Goldman Sachs , JPMorgan Chase , Citi , and Bank of America . However , as the report finds , many of these banks made investments shortly after bring together the Alliance that ran counter to their new promise : JPMorgan Chase invested $ 10 billion in Saudi Aramco just a month after join , while Citi , JPMorgan Chase , Bank of America , and Morgan Stanley gave $ 10 billion to ExxonMobil a few month later .

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“ Banks largely like to say that they are abide their client in the transition to a downcast - C economy , ” Kirsch pronounce . “ However , if that sustenance does n’t have teeth — demand around end fossil fuel expansion that company must meet to continue receiving funding — then we are just going to see more business as common . ”

In late years , the importance of stop financing for dirty undertaking has grown in bulge : Agroup of land , led by the U.S. and the UK , agreed last yr at the UN mood conferenceto final stage funding for dodo fuel project abroad . But if big bank keep enshroud up their continued funding of planet - destroying free energy with greenwashing butt and false hope , the industriousness is just go to keep growing .

“ Funding fossil fuels is the biggest way banks lend to the climate crisis , alongside their financial backing of deforestation , ” Kirsch said . “ Banks ask to be hold up accountable for the unique role they are playing in fueling mood chaos via their keep for fossil fuel company whose dodo fuel expansion plans will cook us all . ”

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