Bank CEOs Rake In Big Profits as Wall Street Ramps Up Fossil Fuel Financing

Big banks across the world are substantially increasing their financing of the fossil fuel industry, including for the industry’s expansion during a time of intensifying climate crisis, all while pulling back from previously stated climate commitments.

These are among the key highlights of the most recent Banking on Climate Chaos report, which found that the 65 biggest banks globally committed a whopping $869 billion to companies conducting business in fossil fuels in 2024, representing a huge $162 billion increase from 2023.

“These financial flows reflect the policy retreat of banks abandoning climate goals for short-term profits,” Campaign Director for the Climate and Energy Program at Rainforest Action Network Dianne Enriquez told Truthout .

Banking on Climate Chaos , co-autho