'Banking on Climate Chaos': How banks have provided fossil fuel firms with almost $7tr since the Paris Agreement

Stuart Stone
clock • 11 min read
Credit: iStock
Image:

Credit: iStock

Fifteenth annual Banking on Climate Chaos study finds world's biggest banks gave more than $705bn to fossil fuel firms in 2023 alone, despite many being committed to reaching net zero emissions

The world's 60 largest private banks have provided just shy of $7tr in funding to the fossil fuel industry since 196 nations signed the Paris Agreement, with $705.8bn of investments confirmed in 2023 alone,...

To continue reading this article...

Join BusinessGreen

In just a few clicks you can start your free BusinessGreen Lite membership for 12 months, providing you access to:

  • Three complimentary articles per month covering the latest real-time news, analysis, and opinion from Europe’s leading source of information on the Green economy and business
  • Receive important and breaking news stories via our daily news alert
  • Our weekly newsletter with the best of the week’s green business news and analysis

Join now

 

Already a BusinessGreen member?

Login

More on Investment

Pensions professionals warn climate change now 'present-day financial reality' for sector

Pensions professionals warn climate change now 'present-day financial reality' for sector

Report by the Society of Pension Professionals (SPP) warns climate change is a 'systemic' issue and 'no longer a future risk' to retirement savings

Martin Richmond
clock 30 June 2026 • 2 min read
Aberdeen partners with Future Group to invest in global sustainable infrastructure

Aberdeen partners with Future Group to invest in global sustainable infrastructure

Deal aims to ramp up investment in decarbonisation, sustainable housing, and cleaner transport networks

Jack Roach, Investment Week
clock 29 June 2026 • 1 min read
Defra ringfences £47m to boost peatland protections

Defra ringfences £47m to boost peatland protections

Fresh funding aims to restore peatlands that can reduce carbon emissions, support nature recovery, and boost rural the economy

Stuart Stone
clock 29 June 2026 • 4 min read