US Banks and Barclays Significantly Increase Fossil Fuel Financing in 2024

June 17, 2025 - 01:42

In a striking development, US banks and Barclays have ramped up their financing for the fossil fuel sector by over $10 billion in 2024. This increase represents a more than 20% rise in lending and underwriting activities directed towards oil, gas, and coal projects. The report highlights a concerning trend as financial institutions continue to support industries that contribute significantly to climate change.

Despite growing global awareness and initiatives aimed at reducing carbon emissions, the surge in fossil fuel financing raises questions about the commitment of these banks to sustainability and environmental responsibility. Critics argue that such financial backing undermines efforts to transition to renewable energy sources and mitigate the impacts of climate change.

As governments and organizations worldwide strive to meet climate goals, the actions of these banks may face increased scrutiny from environmental advocates and regulators alike. The decision to bolster fossil fuel investments could have long-lasting implications for both the financial sector and the environment.