Since the 2015 Paris Agreement, these institutions have directed a total of $8.7 trillion toward fossil fuel operations. The latest data, compiled by the Banking on Climate Chaos coalition, highlights a sharp reversal from the decline in funding observed between 2022 and 2023. U.S. and Japanese lenders currently dominate this capital flow, with U.S. banks alone accounting for 32% of global fossil fuel financing.

JPMorgan Chase retains its position as the world's primary fossil fuel financier, committing $58.2 billion in 2025—a 12.5% jump from the prior year. Bank of America and Japan’s Mitsubishi UFJ Financial Group (MUFG) follow, each providing $47 billion in funding. While several European lenders, including BNP Paribas and UBS, have scaled back their fossil fuel portfolios, others such as Standard Chartered and Deutsche Bank have reported double-digit growth in their fossil-related transactions. Lucie Pinson, director of Reclaim Finance, noted that the persistent scale of investment in fossil fuel expansion underscores how deeply major institutions remain tethered to carbon-intensive business models.