UK banks increased fossil fuel funding in 2024, with JP Morgan leading globally, while only two banks earned eco endorsements for ethical practices.

UK banks including Barclays, HSBC, and Santander increased fossil fuel financing in 2024, reversing earlier declines, according to a Which? report with Reclaim Finance and Global Canopy. JP Morgan Chase led global fossil fuel funding with $53.5 billion. Only Triodos and The Co-operative Bank received Which?’s “Eco Provider” endorsement for no fossil fuel exposure and strong ethics, with Triodos praised for full loan transparency. The report highlights widespread lack of transparency, making it hard for consumers to make sustainable banking choices, and warns banks are not aligning actions with climate commitments.