Big Banks Are Fueling the Climate Crisis — and War
For decades, many of the world’s largest banks have financed not only the destruction of our planet, but also systems of violence and militarism. In 2024 alone, the 65 biggest global banks committed US $869 billion to fossil fuel companies — including US $429 billion to companies expanding fossil fuel production and infrastructure.Banktrack+2Green America+2
But the harm doesn’t stop at climate damage. These same banks are deeply entangled in financing the global arms industry and warfare. Recent investigations show:
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European financial institutions provided €36.1 billion in loans and underwriting, and hold €26 billion in shares and bonds, in arms-companies supplying weapons to Israel.Banktrack+1
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Between 2020-22, the global financial sector invested at least US $1 trillion into the arms industry.GABV
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Banks such as Santander and BBVA are identified as major backers of arms companies whose weapons have been used in the war on Gaza.centredelas.org+1
These numbers are not neutral statistics — they represent choices that channel money into destruction: fossil-fuel infrastructure that locks in greenhouse gas emissions, and weapon systems that fuel violence and humanitarian crises.
Banks like JPMorgan Chase ($53.5 billion fossil-finance in 2024)The Energy Mix+2Common Dreams+2 and Barclays ($35.4 billion fossil finance in 2024)morningstar.co.uk+1 are among the top offenders.
