Global banks increase fossil fuel financing despite climate commitments

Source:The Guardian Environment

02 — Who / Subject

JPMorgan Chase, Bank of America, MUFG, Mizuho Financial, Citigroup

03 — Where / Locus

Global

04 — When / Temporality

June 9, 2026

Verified: June 9, 2026

05 — Why / Core Summary

"65 major global banks provided $906 billion in fossil fuel financing last year. JPMorgan Chase remains the top financier, increasing its support by 13%. The report highlights a trend of banks retreating from net-zero commitments amid political pressure."

Conflict Analysis

The report indicates a significant gap between public climate pledges and actual financial flows, suggesting that political shifts in the US and elsewhere are undermining net-zero banking initiatives.

Recommended Background Resource

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The Price of Oil: A History of the World's Most Important Commodity

Author: Roberto F. Aguilera and Marian Radetzki

This book provides a comprehensive analysis of the global oil market and the geopolitical and economic complexities that make it difficult for financial institutions to simply divest from fossil fuels, explaining the structural reliance of the global economy on these energy sources.

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