Story perspectives
Big Banks Boost Fossil Fuel Funding Amid Climate Concerns
8/26/2025
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Story summary
- The 65 largest banks allocated $869 billion to fossil fuel companies in 2024, a $162 billion increase from 2023.
- U.S. banks, notably JPMorgan Chase and Bank of America, lead this financing, raising climate commitment concerns.
- CEO compensation has surged, with JPMorgan's Jamie Dimon earning $39 million in 2024, highlighting income disparities.
- Activists urge banks to cease fossil fuel financing and focus on renewable energy investments.
