Despite record breaking temperatures year on year and dangerous floods destroying our children’s playgrounds, banks are continuing to finance fossil fuel companies in their billions. Children’s lives are on the line, as banks watch on from the sidelines.
In the UK Barclays is the largest fossil fuel financier in 2024 with an increase of $12.6B from 2023-2024. This is followed by HSBC, Standard Chartered, Natwest and Lloyds.
Even with the clear warnings from the IEA that there should be no new oil and gas if we are to limit global warming to 1.5 degrees, banks are continuing to finance new fossil fuel expansion. Some banks are even increasing their financing for expansion.
The 65 biggest banks globally committed $429B to companies engaged in fossil fuel expansion in 2024, an $84.4B increase from 2023.
Banks sometimes argue that by financing fossil fuel companies they can help them to transition away from fossil fuels. But that is only valid if fossil fuel companies have a credible transition plan. Research shows, oil and gas producers account for only 1% of total clean energy investment globally.
Which? reveals the high-street banks among the world’s biggest fossil fuel financiers
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