How the world's biggest banks increased fossil fuel financing to $869bn in 2024

Stuart Stone
clock • 8 min read
Credit: iStock
Image:

Credit: iStock

In a reversal of recent trends fossil fuel funding from the world's top 65 banks increased $84.8bn in 2024, according to the annual Banking on Climate Chaos report

The world's largest banks dramatically increased lending and underwriting to thousands of fossil fuel companies in 2024, as total levels of financing rose by $84.8bn to reach $869bn. That is the stark...

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

Santander and Natwest join £220m fundraise to supercharge UK battery infrastructure

Santander and Natwest join £220m fundraise to supercharge UK battery infrastructure

Pulse Clean Energy secures funding from six international banks to build more than 700MWh of battery storage infrastructure

Stuart Stone
clock 04 August 2025 • 4 min read
'Ideal launchpad': London Thames Hydrogen confirms £200m hydrogen-from-waste funding

'Ideal launchpad': London Thames Hydrogen confirms £200m hydrogen-from-waste funding

Investment in new facility represents first stage of UK's £1bn national hydrogen corridor

Stuart Stone
clock 04 August 2025 • 3 min read
Pensions Regulator: Treat climate change and nature loss as 'core financial risks'

Pensions Regulator: Treat climate change and nature loss as 'core financial risks'

TPR urges trustees to challenge advisers and fund managers on risks, use regulatory frameworks and build ESG

Jasmine Urquhart
clock 01 August 2025 • 2 min read