2023 saw the world's largest banks, led by US and Japanese lenders, provide $705bn in financing to fossil fuel industries, despite the 2015 Paris Agreement commitments to limit carbon emissions.
World's biggest banks financed fossil fuels with $705bn in 2023, led by US and Japanese lenders. Since the 2015 Paris Agreement, top 60 banks provided $6.9tn to the sector, according to the 15th annual Banking On Climate Chaos report. Despite acknowledging the need to limit global warming, banks financed $708bn in fossil fuel financing in 2023, with $350bn going to fossil fuel expansion. The research shows private interests continue to fund oil, gas, and coal companies, which use the money to expand their operations, contradicting the Paris Agreement commitments to limit carbon emissions.
May 13, 2024
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