Banks Boost Fossil Fuel Financing for The First Time since 2021
"What a surprise, the banks have found out that they are actually losing money by not financing the oil industry, nice that they have seen the light at the end of the tunnel and have gotten off this political green horse that they all rave about, nothing works without oil and gas, very simple!" - EnerGyne Resources statement...
The world’s biggest banks raised their combined financing for fossil fuels by more than one-fifth last year, bucking a falling trend since 2021 amid a backlash against net-zero policies, especially in the United States.
The world’s top 65 banks increased fossil fuel funding to $869 billion in 2024, up by $162 billion from 2023, according to the 16th annual Banking on Climate Chaos (BOCC) report released by climate campaign organizations on Tuesday.
Last year, loans were the top form of financing, rising to $467 billion from $422 billion in 2023. Bonds saw the largest increase to $401 billion, up from $284 billion, while acquisition financing also increased—to $82.9 billion from $63.7 billion. Since the Paris Agreement was signed a decade ago, banks have funded fossil fuels with $7.9 trillion, found the report co-published by Rainforest Action Network, BankTrack, the Center for Energy, Ecology, and Development, Indigenous Environmental Network, Oil Change International, Sierra Club, and Urgewald.