These 20 Banks Are Still Pouring Billions Into the Fossil Fuel Industry

By John Harrington Published Aug 16, 2:59PM EDT

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These 20 Banks Are Still Pouring Billions Into the Fossil Fuel Industry — © Bank of America (CC BY 2.0) by Mike Mozart

A recent report found that the world’s 60 largest banks financed $5.5 trillion in deals and loans for the fossil-fuel industry over the last seven years, dating from the historic Paris climate change agreement. Roughly $3.9 trillion were financed by just 20 banks.

To find the banks helping to finance the fossil fuel industry, 24/7 Wall St. reviewed the report Banking on Climate Chaos, a joint effort between Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, the Sierra Club, and Urgewald. Banks are ranked by total financing – lending and underwriting – they have provided to fossil fuel companies since 2016.

The report considered a total of 3,210 companies – parent and independent companies, and subsidiaries – in the fossil fuel sector and the 60 largest banks and traced financing between the banks and fossil fuel companies using Bloomberg. For the report’s full methodology click here.

Eleven of the 20 banks are based in the U.S. or Canada. The top four fossil-fuel financiers from 2016 to 2022 are American financial institutions. Japan, the United Kingdom, and China each have more than one bank on the list.

With total financing of $434.1 billion, JPMorgan Chase is the leader, followed by Citi and Wells Fargo. In 2022, however, with total financing of $42.1 billion, Canada’s RBC bank was the list leader, followed by JPMorgan Chase, and Wells Fargo. (Also read: The 12 Cars That Pollute the Most.)

Exxon Mobil Corp. stated in its 2023 Advancing Climate Solutions Progress Report that, through 2027, it intends to invest about $17 billion in lower-emission initiatives, an increase of about 15%. Exxon also noted it has cut methane emissions intensity from its assets by more than 50% through 2022 from 2016 levels. Even so, the American energy giant was the corporation that was the most financed by four banks on our list with many projects expanding current operations.

Other companies getting financing from more than one bank were Enbridge Inc., Saudi Arabian Oil Company, TC Energy Corp., and Marathon Petroleum Corp. (Also read: This City Emits the Most Carbon Dioxide in the World.)

Click here to see 20 banks still pouring billions into the fossil fuel industry.

Click here to see our detailed methodology.

20. Credit Suisse
> Fossil fuel financing, 2016-2022: $104.6 billion
> Fossil fuel financing, 2022: $6.7 billion – #33 highest of 60 banks
> Corp most financed, 2016-2022: Calpine Corp – $4.8 billion
> Revenue, 2022: $29.0 billion
> Net income, 2022: ($1.8 billion)

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CIBC Dunsmuir Granville 1 (CC BY-SA 2.0) by jmv

19. CIBC
> Fossil fuel financing, 2016-2022: $114.5 billion
> Fossil fuel financing, 2022: $17.9 billion – #14 highest of 60 banks
> Corp most financed, 2016-2022: Enbridge Inc – $10.4 billion
> Revenue, 2022: $16.0 billion
> Net income, 2022: $4.6 billion

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18. ICBC
> Fossil fuel financing, 2016-2022: $133.8 billion
> Fossil fuel financing, 2022: $21.7 billion – #11 highest of 60 banks
> Corp most financed, 2016-2022: State Grid Corp of China – $20.9 billion
> Revenue, 2022: $209.0 billion
> Net income, 2022: $54.0 billion

17. Bank of China
> Fossil fuel financing, 2016-2022: $134.5 billion
> Fossil fuel financing, 2022: $15.6 billion – #17 highest of 60 banks
> Corp most financed, 2016-2022: China National Petroleum Corporation (CNPC) – $10.1 billion
> Revenue, 2022: $152.0 billion
> Net income, 2022: $33.6 billion

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16. SMBC Group
> Fossil fuel financing, 2016-2022: $136.0 billion
> Fossil fuel financing, 2022: $22.6 billion – #10 highest of 60 banks
> Corp most financed, 2016-2022: Saudi Arabian Oil Company (Saudi Aramco) – $6.7 billion
> Revenue, 2022: $36.6 billion
> Net income, 2022: $6.3 billion

15. Bank of Montreal
> Fossil fuel financing, 2016-2022: $138.4 billion
> Fossil fuel financing, 2022: $19.3 billion – #13 highest of 60 banks
> Corp most financed, 2016-2022: TC Energy Corp – $33.6 billion
> Revenue, 2022: $24.8 billion
> Net income, 2022: $9.9 billion

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14. Goldman Sachs
> Fossil fuel financing, 2016-2022: $143.3 billion
> Fossil fuel financing, 2022: $10.0 billion – #24 highest of 60 banks
> Corp most financed, 2016-2022: PG&E Corp – $6.5 billion
> Revenue, 2022: $65.0 billion
> Net income, 2022: $21.6 billion

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13. HSBC
> Fossil fuel financing, 2016-2022: $144.9 billion
> Fossil fuel financing, 2022: $11.1 billion – #22 highest of 60 banks
> Corp most financed, 2016-2022: Saudi Arabian Oil Company (Saudi Aramco) – $8.6 billion
> Revenue, 2022: $77.3 billion
> Net income, 2022: $13.9 billion

12. Morgan Stanley
> Fossil fuel financing, 2016-2022: $153.4 billion
> Fossil fuel financing, 2022: $11.1 billion – #21 highest of 60 banks
> Corp most financed, 2016-2022: Exxon Mobil Corp – $9.4 billion
> Revenue, 2022: $61.1 billion
> Net income, 2022: $15.0 billion

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11. BNP Paribas
> Fossil fuel financing, 2016-2022: $165.9 billion
> Fossil fuel financing, 2022: $20.1 billion – #12 highest of 60 banks
> Corp most financed, 2016-2022: BP PLC – $14.2 billion
> Revenue, 2022: $85.3 billion
> Net income, 2022: $11.2 billion

TD Bank (CC BY 2.0) by Mike Mozart

10. TD
> Fossil fuel financing, 2016-2022: $173.2 billion
> Fossil fuel financing, 2022: $29.0 billion – #8 highest of 60 banks
> Corp most financed, 2016-2022: Enbridge Inc – $20.5 billion
> Revenue, 2022: $38.3 billion
> Net income, 2022: $11.4 billion

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9. Scotiabank
> Fossil fuel financing, 2016-2022: $182.3 billion
> Fossil fuel financing, 2022: $29.5 billion – #7 highest of 60 banks
> Corp most financed, 2016-2022: Enbridge Inc – $15.6 billion
> Revenue, 2022: $31.2 billion
> Net income, 2022: $7.7 billion

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8. Mizuho
> Fossil fuel financing, 2016-2022: $189.6 billion
> Fossil fuel financing, 2022: $28.8 billion – #9 highest of 60 banks
> Corp most financed, 2016-2022: Marathon Petroleum Corp – $7.2 billion
> Revenue, 2022: $35.3 billion
> Net income, 2022: $4.7 billion

7. Barclays
> Fossil fuel financing, 2016-2022: $190.6 billion
> Fossil fuel financing, 2022: $16.6 billion – #16 highest of 60 banks
> Corp most financed, 2016-2022: Exxon Mobil Corp – $13.0 billion
> Revenue, 2022: $37.6 billion
> Net income, 2022: $5.0 billion

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6. MUFG
> Fossil fuel financing, 2016-2022: $219.6 billion
> Fossil fuel financing, 2022: $29.5 billion – #6 highest of 60 banks
> Corp most financed, 2016-2022: Marathon Petroleum Corp – $7.1 billion
> Revenue, 2022: $54.1 billion
> Net income, 2022: $10.1 billion

5. RBC
> Fossil fuel financing, 2016-2022: $254.0 billion
> Fossil fuel financing, 2022: $42.1 billion – #1 highest of 60 banks
> Corp most financed, 2016-2022: Cenovus Energy Inc – $16.4 billion
> Revenue, 2022: $46.0 billion
> Net income, 2022: $12.8 billion

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Bank of America (CC BY 2.0) by Mike Mozart

4. Bank of America
> Fossil fuel financing, 2016-2022: $281.2 billion
> Fossil fuel financing, 2022: $37.0 billion – #4 highest of 60 banks
> Corp most financed, 2016-2022: Exxon Mobil Corp – $15.3 billion
> Revenue, 2022: $93.9 billion
> Net income, 2022: $32.0 billion

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3. Wells Fargo
> Fossil fuel financing, 2016-2022: $318.2 billion
> Fossil fuel financing, 2022: $38.9 billion – #3 highest of 60 banks
> Corp most financed, 2016-2022: Pioneer Natural Resources Co – $17.4 billion
> Revenue, 2022: $82.4 billion
> Net income, 2022: $1.3 billion

2. Citi
> Fossil fuel financing, 2016-2022: $332.9 billion
> Fossil fuel financing, 2022: $33.9 billion – #5 highest of 60 banks
> Corp most financed, 2016-2022: Exxon Mobil Corp – $15.3 billion
> Revenue, 2022: $79.9 billion
> Net income, 2022: $9.6 billion

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1. JPMorgan Chase
> Fossil fuel financing, 2016-2022: $434.2 billion
> Fossil fuel financing, 2022: $39.2 billion – #2 highest of 60 banks
> Corp most financed, 2016-2022: TC Energy Corp – $26.2 billion
> Revenue, 2022: $127.2 billion
> Net income, 2022: $48.3 billion

About the Author John Harrington →

I'm a journalist who started my career as a sportswriter, covering professional, college, and high school sports. I pivoted into business news, working for the biggest newspapers in New Jersey, including The Record, Star-Ledger and Asbury Park Press. I was an editor at the weekly publication Crain’s New York Business and served on several editorial teams at Bloomberg News. I’ve been a part of 24/7 Wall St. since 2017, writing about politics, history, sports, health, the environment, finance, culture, breaking news, and current events. I'm a graduate of Rutgers University with a Bachelor of Arts degree in History.