The world’s biggest banks have carried out $7 trillion in business related to fossil fuels since the signing of the Paris Climate Agreement — with almost half of that going towards expansion in the sector.

Financial institutions continue to bankroll climate change despite rapid increases in extreme weather events and their impacts.

Over $700 billion flowed into companies conducting business in fossil fuels last year, funneled by 60 of the largest private banks, according to a new report.

Among world’s top 60 banks those in US are biggest fossil fuel financiers, while Barclays leads way in Europe

London-based Barclays was Europe’s biggest fossil fuel financier, with $24.2 billion, followed by Spain’s Santander at $14.5 billion and Germany’s Deutsche Bank with $13.4 billion. Overall, European banks stumped up just over a quarter of the total fossil fuel financing in 2023, according to the report.

JPMorgan Chase, Mizuho and Bank of America were named as the biggest fossil fuel industry financers last year, in a report by climate campaigners which calculates the world’s biggest banks have provided a total $6.9tn to the sector in the eight years since the Paris climate accord.

CLIMATE GROUPS TAKE AIM AT BANK LOANS TO FOSSIL FUEL COMPANIES: The world’s 60 largest banks committed $705 billion globally to fossil fuel companies in 2023, according to a new report from a number of green groups,

Banking on Climate Chaos (BOCC) report looked at how the top 60 private banks in the world are underwriting and lending to over 4,200 fossil fuel firms, and financing companies causing the degradation of the Amazon and Arctic.