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JPMorgan Chase and Bank of America are the world’s top two fossil fuel funders.
NEW YORK, NY — The 17th edition of the Banking on Climate Chaos (BOCC) report released today finds that the world’s 65 largest banks committed $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 $8.7 trillion into oil, gas, and coal operations. The report is the world’s most comprehensive open-source dataset on fossil fuel financing by commercial banks.
The report finds that JPMorgan Chase remains the largest fossil fuel financier in the world, providing $58 billion to fossil fuel companies in 2025, up 12.6% from 2024. Bank of America ranks second at $47 billion, and Japan’s Mitsubishi UFJ Financial Group (MUFG) ranks third at $47 billion, a 21% increase in a single year. The “Dirty Dozen” — the twelve largest fossil fuel banks — now provide nearly 40% of all global bank fossil fuel financing across approximately 2,000 banks worldwide.
Financing for companies actively expanding fossil fuels surged 27% to $508 billion in 2025. Any such expansion financing is incompatible with limiting global warming to 1.5°C. The report also finds a sharp increase in bank financing for fossil infrastructure expansion, especially midstream oil and gas, LNG, methane gas, and gas power. The three largest individual recipients of bank financing globally were all midstream oil and gas companies, underscoring how banks continue to support pipelines, export terminals, gas-fired power, and other long-lived infrastructure that can lock in fossil fuel dependence for decades. Financing for coal mining and coal power expansion also continued to rise, despite the urgent need to phase out fossil fuel buildout.
