Your Bank Loaned $869 Billion to Fossil Fuels Last Year. Here’s What That Means for You.

By GreenFi Editorial Team

You probably don’t think of your checking account as a climate issue. But here’s the thing: your bank does. The money sitting in your savings isn’t just sitting there. It’s being lent out. And if you bank with one of the world’s largest financial institutions, there’s a good chance a chunk of it is going straight to oil, gas, and coal companies.

The 2025 Banking on Climate Chaos report just put a number on it. And it’s a big one.

The numbers: $869 billion in a single year

According to the 2025 Banking on Climate Chaos report, the world’s 65 largest banks committed $869 billion to fossil fuel companies in 2024.^¹ That’s a $162 billion increase over 2023. Of that total, $429 billion went to companies actively building new fossil fuel projects like pipelines, drilling rigs, and gas terminals.^¹

Since the Paris Agreement in 2016, those same 65 banks have funneled a combined $7.9 trillion into fossil fuels.^² And U.S. banks lead the pack. JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley together account for over $1.8 trillion of that total.^²

Where does the money come from? Your deposits.

Banks make money by lending out what customers deposit. When you put money into a checking or savings account, the bank doesn’t just hold onto it. It loans that money to businesses and individuals, and earns interest on those loans.

The problem? Large traditional banks lend up to 30% of their portfolios to carbon-intensive industries.^³ That means for every $10,000 in your account, up to $3,000 could be financing fossil fuel exploration and production.

Project Drawdown found that every $1,000 a person has deposited in one of the biggest banks is roughly equivalent to the carbon emissions of flying from New York to Seattle every single year.^³

Why this matters more than you think

Most climate conversations focus on personal consumption: what you drive, what you eat, how you power your home. Those matter. But your banking footprint may be bigger than all of them combined.

Research from Project Drawdown and Topo Finance found that moving your deposits from a carbon-intensive bank to a climate-responsible one can reduce the carbon intensity of your banking by 76% on average.^³ That’s more than twice the climate impact of switching to an electric vehicle.

What “fossil-fuel-free banking” actually means

When a bank commits to fossil-fuel-free deposits, it means your money won’t be loaned out to oil, gas, or coal companies. Instead, deposits are routed through community banks and lending partners that invest in housing, small businesses, renewable energy, and other community-building projects.

It doesn’t mean you give up anything. You still get a debit card, mobile banking, direct deposit, and competitive interest rates. You just stop financing the companies driving the climate crisis.

What you can do

Check where your bank stands. The Banking on Climate Chaos report has a searchable database. You can look up your bank and see exactly how much they’re lending to fossil fuels.

Talk to your bank. Ask them about their climate commitments and fossil fuel lending policies. If they can’t give you a clear answer, that’s your answer.

Move your money. Switching banks takes only a few minutes these days. And it might be the most impactful climate action you take all year.

The bottom line

Your money has power. Where you keep it is a vote for the kind of world you want to live in. With $869 billion flowing to fossil fuels from the world’s biggest banks in a single year, moving your money isn’t just a statement. It’s one of the most impactful climate actions available to you.

Ready to make your deposits fossil-fuel free? Open a GreenFi account today and keep your money out of fossil fuels.^†

Frequently Asked Questions

How much money do big banks lend to fossil fuels?

In 2024 alone, the world’s 65 largest banks committed $869 billion to fossil fuel companies, according to the Banking on Climate Chaos 2025 report. Since 2016, the cumulative total has reached $7.9 trillion.¹^,²

Which U.S. banks are the biggest fossil fuel lenders?

JPMorgan Chase leads globally, followed by Citigroup and Bank of America. Together with Wells Fargo, Goldman Sachs, and Morgan Stanley, these six U.S. banks account for over $1.8 trillion in fossil fuel financing since the Paris Agreement.^²

How much of my deposit goes to fossil fuels?

At the largest U.S. banks, an average of 19.4% of lending portfolios go to carbon-intensive industries, with some banks lending as much as 30%.^³

What does it mean to switch to a fossil-fuel-free bank?

It means your deposits will not be loaned to oil, gas, or coal companies. Instead, they’re routed to community banks that invest in sustainable projects and community development.†

Does switching banks actually reduce my carbon footprint?

Yes. Research from Project Drawdown shows that moving from a carbon-intensive bank to a climate-responsible one can reduce your banking carbon footprint by 76%, making it one of the highest-impact personal climate actions available.^³

Sources

¹ Banking on Climate Chaos 2025 Report. Rainforest Action Network, Sierra Club, BankTrack, et al. (2025). bankingonclimatechaos.org.

² Sierra Club. Top 6 U.S. Banks Financed Fossil Fuels with $1.8 Trillion Since the Paris Agreement. (2024). sierraclub.org.

³ Alexander, J.B., Moinester, P., and Kraus-Polk, J. (2023). Saving [for] the Planet: The Climate Power of Personal Banking. Project Drawdown & Topo Finance.

Disclosures

† GreenFi is a financial technology company, not an FDIC-insured bank. Banking Services provided by Coastal Community Bank, Member FDIC. The GreenFi Debit Mastercard® is issued by Coastal Community Bank, Member FDIC, pursuant to a license by Mastercard International Incorporated.