The findings reveal that global financial institutions have been critical enablers of the fossil fuel industry’s continued expansion through underwriting and investing in destructive bonds. Top banks, including JPMorgan Chase, Citigroup, Bank of America, and ICBC, rank among the largest contributors, collectively underwriting billions for oil, gas, and coal projects that, as IPCC notes, exacerbate the climate crisis.

Key Findings

1. The top 3 of the most climate-destructive banks of the past decade are US banks. JPMorgan Chase, Citigroup, Bank of America.
2. China Huaneng Group, SPIC, PetroChina, BP and Power Finance used the bond market to raise close to $400B in the past 8 years.
3. The largest financiers of fossil fuels after US banks are Chinese banks like ICBC and CITIC. Of the staggering $902 billion in underwriting and group-level financing for 30 of the most polluting companies over the past eight years, Chinese banks alone were responsible for underwriting nearly 36%—over $285 billion—of these bonds
4. Since 2021, Gazprombank has underwritten bond issuances worth $17.4B emerging as the #1 underwriter of bonds for the Dirty 30 fossil fuel companies, followed by Industrial and Commercial Bank of China, Citigroup, China Merchants Bank, and CITIC.
5. As of 2024, investors hold a total of $128 billion in bonds issued by the 'Dirty 30' fossil fuel companies, with PEMEX $21 billion, BP $18 billion, and ExxonMobil $13 billion) having the largest outstanding bond amounts.

As global temperatures have begun to surpass the 1.5°C threshold, signaling a potential long-term breach, this report emphasises the need for governments, banks and investors to take urgent action. The time for half-measures is over. Financing must align with the planet’s future, not its destruction, and stakeholders must be held accountable for their failure to take appropriate and due action on climate.  

Click here to read the report: "Bonds: the Banks’ Backdoor to Funnel Billions to Top Polluters"

This press release was originally published on Ekō's website here.