Banks Make Massive Loans To Oil Companies
Fossil fuel companies, mainly oil firms, have received tens of billions of dollars in loans from America’s major banks. While the loans are safe and highly profitable, they allow these companies to have capital for projects, many of which harm the environment and contribute to global warming.
The data comes from “Banking on Climate Chaos: Fossil Fuel Fuel Finance Report 2025.” The key takeaways from the report are that 65 banks committed $869 billion to companies conducting business in the fossil fuel sector in 2024 and $429 billion to companies for expanding fossil fuel production.
Another major conclusion: “Over 2/3 of banks covered in this report (45 banks) increased their fossil fuel financing from 2023 to 2024. 48 of the 65 banks in this report increased fossil fuel expansion finance from 2023 to 2024.”
Money More Important Than Green
In reality, banks are simply following the trend set by other major businesses and governments. The Trump Administration has abandoned climate-friendly policies. UK officials recently stated that they may not be able to fund the substantial amounts required to mitigate global warming.
The truth is that the world’s largest financial firms, companies, and many large nations have decided that financial factors are more important than environmental ones.
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