Major Increase in Fossil Fuel Financing by Leading Banks in 2024

June 22, 2025 - 03:21

A recent report reveals that the world's largest banks have ramped up their financing for fossil fuel projects, with a staggering increase of $162 billion in 2024. This trend highlights a growing concern among environmentalists and climate advocates, who argue that such investments contradict global efforts to combat climate change.

Among the notable contributors to this increase is SBI, which reported a rise in fossil fuel financing by $65 million over the past year. This uptick reflects a broader pattern seen across the banking sector, where financial institutions continue to support fossil fuel initiatives despite mounting pressure to transition to renewable energy sources.

Critics argue that this continued investment in fossil fuels undermines international climate commitments and poses significant risks to the planet's future. As the world grapples with the impacts of climate change, the actions of these banks will be closely scrutinized by stakeholders seeking a sustainable and environmentally responsible financial landscape.