The world's largest banks have been channelling billions of dollars into oil, gas, and coal operations since the Paris Agreement was signed a decade ago. The 17th edition of the Banking on Climate Chaos (BOCC) report has found that these banks have committed $8.7 trillion to fossil fuel companies, with nearly 40% of all global bank fossil fuel financing coming from just 12 largest banks. This staggering figure highlights the scale of the problem and the need for urgent action to reduce our reliance on fossil fuels.
The top two fossil fuel funders are JPMorgan Chase and Bank of America, which provided $58 billion and $47 billion respectively in 2025. Mitsubishi UFJ Financial Group (MUFG) ranks third at $47 billion, a significant increase from the previous year. The 'Dirty Dozen' banks now provide nearly 40% of all global bank fossil fuel financing across approximately 2,000 banks worldwide.
The report also finds that financing for companies actively expanding fossil fuels surged 27% to $508 billion in 2025. This is a concerning trend, as it suggests that banks are continuing to support the expansion of fossil fuel operations despite the urgent need to limit global warming to 1.5°C. The three largest individual recipients of bank financing globally were all midstream oil and gas companies.
The limited impacts of voluntary climate commitments have been highlighted in the report. Following the collapse of the Net-Zero Banking Alliance (NZBA), banks accelerated their policy rollbacks, with many abandoning their fossil fuel commitments altogether. However, some banks, such as Standard Chartered, increased their fossil fuel financing, highlighting the need for stronger regulatory measures.
The report also highlights the need for more effective regulation to curb fossil fuel financing. The lack of meaningful action from some banks suggests that more needs to be done to hold them accountable for their role in exacerbating climate change.
U.S. banks' share of all global bank fossil fuel financing increased to 32%, up from 28% in 2021, making U.S. banks the single largest source of fossil capital in the world. European banks show a clearer downward trend, with some banks reducing their fossil deals by significant margins.
The report's findings are a stark reminder of the urgent need for action to reduce our reliance on fossil fuels and limit global warming to 1.5°C. The continued support for fossil fuel expansion by some banks is a major obstacle to achieving this goal.
JPMorgan Chase remains the largest fossil fuel financier in the world, providing $58 billion to fossil fuel companies in 2025. Bank of America ranks second at $47 billion, and MUFG ranks third at $47 billion. The 'Dirty Dozen' banks now provide nearly 40% of all global bank fossil fuel financing across approximately 2,000 banks worldwide.
The report's findings are a call to action for governments, regulators, and industry leaders to take immediate action to curb fossil fuel financing and support the transition to a low-carbon economy.
The report highlights the urgent need for stronger regulatory measures to curb fossil fuel financing.
