The seventeenth edition of the Banking on Climate Chaos (BOCC) report reveals that the 65 largest banks in the world committed USD 906 billion to fossil fuel companies in 2025, an increase of 8% from the previous year.
Since the Paris Agreement was signed a decade ago, these banks have channeled USD 8.7 trillion into oil, gas, and coal operations, according to the Rainforest Action Network.
The report is, as it claimed, the world’s most comprehensive open-source dataset on fossil fuel financing by commercial banks.
It was produced by the following organisations: Rainforest Action Network, BankTrack, the Center for Energy, Ecology, and Development, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, and Urgewald.
JPMorgan Chase remains the #1 fossil fuel financier in the world
JPMorgan Chase remains the world’s largest financier of fossil fuels. It provided fossil fuel companies with USD 58 billion in 2025, up 12.6% from 2024. Bank of America ranks second at USD 47 billion, and the Japanese Mitsubishi UFJ Financial Group (MUFG) is third at USD 47 billion, which was a 21% increase in a single year.
The so-called Dirty Dozen — twelve largest fossil fuel banks — now provide nearly 40% of all global bank fossil fuel financing across approximately 2,000 banks worldwide, the report reads.
Financing for companies actively expanding fossil fuels surged 27% to USD 508 billion in 2025. This is a record increase.
US banks are the single largest source of fossil fuel finance
Any such expansion financing is incompatible with limiting global warming to 1.5°C, the Rainforest Action Network pointed out.
The share of US banks in global banking financing of fossil fuels increased to 32%, up from 28% in 2021. It represents the single largest source of fossil capital in the world.
According to the report, European banks show the clearest downward trend. However, there are exceptions. While BNP Paribas, UBS, and La Caixa reduced financing, Standard Chartered, Deutsche Bank, and HSBC increased it.
Dependence on fossil fuels is a structural source of global instability
The Rainforest Action Network stressed that the fossil energy crises of the 2020s, caused by war in Ukraine, and in the Middle East show that fossil fuel dependence is a structural source of global instability.
Three-quarters of humanity lives in fossil-importing countries and bears the cost of every supply disruption.
Following the Iran conflict and closure of the Strait of Hormuz, wholesale gas prices roughly doubled in the EU while emergency rationing spiraled throughout Southeast Asia.
“Trends show that profits flow upward: 84% of US oil and gas excess profits from the Ukraine crisis went to the wealthiest 10% of individuals while everyone else paid the price. This pattern looks to be repeating itself in 2026,” the organisation asserted.
