Paris, France — A recent annual report by climate campaigners revealed that the world’s largest banks collectively financed fossil fuels amounting to $705 billion in 2023. The report highlighted that since the signing of the 2015 Paris climate agreement, these top 60 banks have contributed a total of $6.9 trillion to the sector.
Titled “Banking on Climate Chaos,” the report emphasized the alarming role of financiers and investors in exacerbating the climate crisis. According to Tom BK Goldtooth, executive director of Indigenous Environmental Network, who co-authored the report, these entities continue to fuel the flames of the environmental challenge.
Although there was a 9.5 percent decrease in fossil fuel funding compared to 2022, the report pointed out that certain banks increased their exposure to climate risk. JPMorgan emerged as the top financier in 2023, providing $41 billion, showing a 5.4 percent increase from the previous year. Japan’s Mizuho followed closely in second place with $37 billion, with Bank of America financing $33.7 billion worth of fossil fuels.
The report shed light on the concerning trend of financial institutions continuing to support the fossil fuel industry despite growing awareness of the urgent need for sustainable practices to combat climate change.
