Top Banks Pump $705.8 Billion into Fossil Fuels Amid Climate Crisis: JPMorgan, Mizuho Bank Tops List

Govind Tekale Govind Tekale

Global banks funneled $705.8 billion into fossil fuels in 2023, despite climate change concerns.

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Top lenders include JPMorgan Chase and Mizuho Bank, leading with billions in fossil fuel investments.

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The 'Bank Giants and Climate Chaos 2024' report tracks this extensive financial support.

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Since the 2015 Paris Agreement, banks have supplied $6.9 trillion to fossil fuel industries.

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Nearly half of this amount, $3.3 trillion, supports companies expanding their fossil fuel operations.

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JPMorgan Chase was the largest financier in 2023, allocating $40.9 billion to fossil fuels.

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Mizuho Bank followed closely, providing $37.3 billion, including substantial funds for project expansion.

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Bank of America ranked third with $33.6 billion, highlighting a trend of climate commitment regression.

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The report stresses the urgent need for banks to shift financing towards sustainable energy projects.

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