Two thirds of the world’s largest banks continue to fund fossil fuels

What money can do  

At Triodos Bank, we know that money can help build a better world. We can choose to put money into sectors that help limit the climate crisis, improve health and wellbeing, support economic growth, protect resources and help nature recover. 

The annual Banking on Climate Chaos report is an important moment to see how the banking industry is responding to the climate crisis. This year’s report shows that the current system isn’t working: large banks are still financing fossil fuels. 

What the report shows  

In 2025, $906 billion was channelled into companies active in fossil fuels. That is almost 8% more than the year before. This goes against all efforts to prevent global temperatures from rising. Scientists warn that the 1.5°C limit agreed in the Paris Agreement will be reached very soon. Even so, banks are putting more money than ever into fossil fuels. 

And this is not only about current activity. Funding for fossil fuel expansion rose by around 27% - this means more emissions and pollution for years to come. 
 
According to the report, JPMorgan Chase was again the world’s leading financer of fossil fuels, pushing $58 billion to the sector last year. Barclays was the biggest UK financer at around $34 billion, and was the only UK bank in the top 12 funders of fossil fuels -  the “dirty dozen". Together, these 12 banks were responsible for 40% of all fossil fuel funding. 

Six financial centres – the United States, Canada, Japan, China, the United Kingdom, and the European Union – account for 8% of total fossil fuel financing across the world. These are the regions that can help us change course. 

Change isn’t just possible - it’s happening 

There is some better news too. 26 of the 65 largest banks reduced their fossil fuel financing in 2025, and one bank, La Banque Postale, gave no funding at all to fossil fuels.  

Triodos Bank is among some of the banks and building societies in the UK who don’t directly fund the fossil fuel industry – including Nationwide, Co-operative Bank, and Monzo. The rest of the banking sector needs to follow and do much more to prioritise people and planet.  

Investing in a better future  

While moving away from fossil fuels cannot happen overnight, we need to see more commitments from banks to stop funding new fossil fuel projects. Funding should be re-directed into renewables and other new technologies that support clean energy around the world. We will see huge benefits in moving away from fossil fuels, including cleaner air, better health, and more affordable energy. And the best part is, the technology already exists - but we need money to go to the right places to get there.  

The continued growth in funding for fossil fuels shows that the market is not correcting itself or moving towards clean energy fast enough. The current financial system still rewards investors who put money into harmful activities. That is why clear rules are needed to change these incentives. Governments and financial institutions need to be willing to steer money in the right direction.

In our recent finance vision paper, we describe the changes we believe are needed for the financial system to work fairly, consciously, and within the limits of our planet. We are also proud to be the first bank to support the Fossil Fuel Non-Proliferation Treaty, a global campaign that calls for a treaty to phase out fossil fuels.

Read the full Banking on Climate Chaos report here.