Causing decades more of earth-warming carbon emissions, last year, the 65 largest banks heavily expanded their fossil fuel financing, committing $906 billion to industry companies — totalling $65 billion more than in 2024, according to a new report.
Released today, the 2026 “Banking on Climate Chaos Report,” published annually by the Rainforest Action Network and its partner organizations, analyzes global banks’ fossil fuel financing data.
For the third year in a row, JPMorgan Chase topped the rankings, the report says, committing $58.2 billion to fossil fuel companies, which marked a 12.6 percent increase from 2024. Bank of America, MUFG, Mizuho Financial and Citigroup rounded out the top five, with each committing between $45-$47 billion last year.
One of the most notable changes from last year is the large amount of financing that went to the midstream sector, which transports, stores and trades oil and gas and their refined products. That number skyrocketed 84 percent, totalling $116 billion since 2024, the report states.
Much of that financing went to liquified national gas (LNG) operations, which was “one of the most startling developments seen in 2025,” report coauthor and Rainforest Action Network Research Director Niko Lusiani told DeSmog.
