BUSINESSGRIST
Banks are financing the fossil fuel industry’s next growth strategy
Major banks are increasing financing for fossil fuel expansion and petrochemical projects, abandoning climate commitments. Reports show $508 billion in 2025 for fossil fuel development and $252 billion for petrochemical activities since 2019, enabling the industry’s shift to plastics and fertilizers.
Mentioned
Royal Bank of CanadaorganizationScotiabankorganizationHSBCorganizationNatWestorganizationSantanderorganizationJPMorgan ChaseorganizationRainforest Action NetworkorganizationCenter for International Environmental LaworganizationExxon MobilorganizationShellorganizationSaudi AramcoorganizationpetrochemicalstopicNet-Zero Banking Allianceorganization
Related Signal
Adjacent reporting
- World’s largest banks pledged $906bn to fossil fuel companies in ‘unfathomable’ increase in 2025, report finds
- Africa Builds Its Own Bank for Oil and Gas as Western Money Retreats
- Mexico and Brazil will share US $500M in World Bank funds to decarbonize industry
- Australians will pay more if Albanese fast-tracks fossil fuel projects, former oil and gas leaders warn
- Iran war accelerates move away from fossil fuels
- Will Pemex’s US $5.4B petrochemical bet put a dent in its debt?