# Banks have financed up to 15.9-trillion-rand in fossil fuels in 2024, the hottest year on record, marking a sharp rise from 2023. According to the Banking on Climate Chaos report, which covers the world’s top 65 banks, since the 2016 Paris Agreement, fossil fuel financing has reached 126-trillion-rand. JP Morgan Chase is the largest fossil fuel financier in the world. Critics, meanwhile, say that banks are abandoning climate pledges, with some withdrawing from net-zero alliances. Activists warn that only binding regulations can halt the trend.
Banks poured over R15-trillion into fossil fuels in 2024