Banking on Climate Chaos is authored by Rainforest Action Network, BankTrack, the Centre for Energy, Ecology, and Development, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, and Urgewald.
Allison Fajans-Turner, policy Lead at Rainforest Action Network, said: “Even in the face of worsening disasters and increasingly dire warnings of scientists and policy experts, banks actually increased their financing to fossil fuels between 2023 and 2024 and still poured billions into expanded fossil infrastructure.
“Only rapid and robust binding government regulation and oversight can make banks change course.
Collateral
“Without binding regulation, banking on climate chaos will remain banks’ dominant investment strategy, tanking our economy and our planet.”
Tom BK Goldtooth, executive director of the Indigenous Environmental Network, said: “Despite their greenwashing and false promises, these banks continue to bankroll the expansion of the fossil fuel industry and the false solutions that deepen climate injustice, land grabbing, and human rights abuse.
“From carbon markets to carbon capture to geoengineering techno-fixes, these schemes are distractions from the real solutions rooted in Indigenous sovereignty, traditional Indigenous knowledge, land and oceans defence, and a just and energy transition away from extractive capitalism.
“Our lands and waters are not sacrifice zones, and our Peoples are not collateral damage.”
Dirty
David Tong, global industry campaign manager at Oil Change International, said: “In 2025, banks have no excuse to keep financing fossil fuel companies.
“No major oil and gas companies we analyse plan to do anything even close to what is needed to hold global warming to 1.5C.”
Lucie Pinson, director and founder at Reclaim Finance, said: “This year, banks have shown their true colours — many have walked away from climate commitments and doubled down on financing fossil fuel expansion, even as global temperatures break records.
“A few European banks may have inched forward, but for most, the lure of dirty money has proven too strong.”
A Barclays spokesperson said: “Barclays provides finance to meet consumer and businesses energy needs while financing the scaling of clean energy.” A UK Finance spokesperson: “The transition to a low-carbon economy is a key priority for UK Finance and the financial services industry.” The PA news agency has contacted JP Morgan Chase, HSBC, Natwest and Lloyds for comment.
This Author
Rebecca Speare-Cole is the PA sustainability reporter.
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