Major banks provided record levels of financing to fossil fuel companies in 2025, with much of the support directed toward plastics and petrochemical production.
New analyses from the Rainforest Action Network and the Center for International Environmental Law show the world's top 65 banks contributed $508 billion to fossil fuel expansion in 2025. This marks a 27 percent increase from the prior year.
The Center for International Environmental Law report found that between 2019 and mid-2025, banks extended at least $591 billion in loans and underwriting to the top 15 petrochemical companies. Of that total, $252 billion could be directly linked to petrochemical activities.
Bank of America, Citigroup, JPMorgan Chase, and Mizuho Financial ranked among the largest funders in both areas. Ximena Banegas of the Center for International Environmental Law described petrochemicals as a deliberate strategy to maintain long-term demand for fossil fuels.
Allison Fajans-Turner of the Rainforest Action Network called the trend disappointing and urged stronger regulation to address climate risks in lending decisions.
