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US, Japanese banks lead fossil fuel financing

Top banks have provided $6.9 trillion in financing to the fossil fuel industry since the 2015 Paris Agreement
Top banks have provided $6.9 trillion in financing to the fossil fuel industry since the 2015 Paris Agreement - Copyright AFP Ryan LIM
Top banks have provided $6.9 trillion in financing to the fossil fuel industry since the 2015 Paris Agreement - Copyright AFP Ryan LIM

The world’s biggest banks financed fossil fuels to the tune of $705 billion in 2023, with US and Japanese lenders leading the way, an annual report by climate campaigners said Monday.

Since the 2015 Paris climate agreement, the top 60 banks have provided a total of $6.9 trillion to the sector, according to the coalition’s 15th annual report titled “Banking on Climate Chaos”.

“Financiers and investors of fossil fuels continue to light the flame of the climate crisis,” said Tom BK Goldtooth, executive director of Indigenous Environmental Network, one of the report’s authors.

Last year’s fossil fuel funding was down 9.5 percent from 2022, the report said.

But some banks increased their exposure to climate risk, it said.

JPMorgan was the top financier last year, providing $41 billion, a 5.4 percent increase from 2022, according to the report.

Japan’s Mizuho moved up to second place with $37 billion, followed by Bank of America at $33.7 billion.

AFP
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With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.

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