The world’s largest banks have shown alarming disregard for both their environmental commitments and the dire warnings of climate scientists. They funneled a staggering $869 billion into fossil fuel financing last year, a move that speaks volumes about government overreach and corporate elitism overshadowing honest concerns for our planet’s future.
A recent report from a coalition of environmental groups reveals a disturbing trend: while big banks had started decreasing their funding to fossil fuels in 2021, that trend saw a sudden and unacceptable reversal. Two-thirds of the world’s 65 largest banks ramped up their fossil fuel investments by $162 billion from 2023 to 2024. This is not just a lapse in judgment—it’s an outright betrayal of both the environment and the ethical standards these institutions claim to uphold.
Scientists worldwide have unambiguously stated that new investments in fossil fuels must cease if we hope to avert catastrophic climate impacts. Last year was the hottest on record, demonstrating tangible consequences from these reckless financial decisions. Yet banks, emboldened by a shifting political landscape and a return to leadership that trivializes climate science, have rescinded prior commitments to curtail emissions. The U.S. Treasury’s withdrawal from a global banking network aimed at promoting green finance epitomizes this concerning trend.
The reality is stark: four of the top five banks funding fossil fuels are American, with JPMorgan Chase leading the pack at $53.5 billion. Following closely are Bank of America and Citigroup, while the likes of Mizuho Financial and Wells Fargo also play significant roles. This pattern of increased financing is not an isolated incident; since the landmark Paris climate agreement, these banks have contributed an outrageous $7.9 trillion to fossil fuel-related activities.
David Tong, global industry campaign manager at Oil Change International, highlights the gravity of the situation, stating, “By injecting a staggering $869 billion into fossil fuel financing in 2024 alone, the world’s largest banks fund the climate chaos that fossil fuel companies wreak on people and communities worldwide.” This should raise alarm bells among all responsible citizens advocating for conservative fiscal and environmental stewardship.
While many major financial institutions profess loyalty to the Paris agreement, their actions tell a different story. As they retreat from commitments amidst chaotic market conditions, the need for accountability has never been greater. Just last year, six U.S. senators suggested that JPMorgan Chase misled investors by backtracking on its climate promises—yet this is less a failure of capitalism and more a failure of accountability and integrity within our financial institutions.
Before Donald Trump’s inauguration, U.S. banks like JP Morgan, Citigroup, and Goldman Sachs exited the net zero banking alliance—a United Nations initiative designed to align bank portfolios with climate goals. Such withdrawals show a worrisome trend of prioritizing profits over principles, revealing the true colors of corporations that had previously feigned concern for the environment.
This past year has made it abundantly clear: any pretense of commitment to climate goals has been abandoned by many banks, even as they pour money into fossil fuel expansion while global temperatures soar. Lucie Pinson of Reclaim Finance aptly notes, “A few European banks may have inched forward, but for most, the lure of dirty money has proven too strong.” The implications are grim for a society that values transparency and sustainability.
In response to inquiries regarding their policies, Citi and Barclays have articulated their pledges to transition toward a low-carbon economy, claiming commitments to sustainable finance. But their actions speak louder than words. Meeting consumer needs while financing fossil fuels contradicts the very essence of sustainable growth and responsible investing.
As citizens, it is our responsibility to demand accountability from both our financial institutions and our government leaders. We must stand against corporate elitism and advocate for a return to traditional values that emphasize personal responsibility and free-market principles—ensuring that the interests of everyday Americans, as well as the health of our planet, are prioritized above political games and financial gains.
