Report: Since Paris, banks have channeled $6.9 trillion to fossil fuel firms

Those banks, they found, gave $6.9 trillion in financing to oil, coal and gas companies, nearly half of which—$3.3 trillion—went towards fossil fuel expansion. Even in 2023, two years after many large banks vowed to work towards lowering emissions as part of the Net Zero Banking Alliance, bank finance for fossil fuel companies was $705 billion, with $347 billion going towards expansion, the report says.

US banks were the biggest financiers of the fossil fuel industry, contributing 30 percent of the total $705 billion provided in 2023, the report found. JP Morgan Chase gave the most of any bank in the world, providing $40.8 billion to fossil fuel companies in 2023, while Bank of America came in third. The world’s second biggest financier of fossil fuels was the Japanese bank Mizuho, which provided $37.1 billion.