Major banks accelerate fossil fuel financing despite abandoning climate pledges

For the past two years, more than a dozen major banks have been not only reneging on their climate commitments, they've been actively making the crisis worse.

In 2024 and 2025, during the leadup to President Donald Trump's second inauguration, all six of the nation's largest banks abandoned the Net-Zero Banking Alliance, a voluntary climate coalition, precipitating the Alliance's complete shutdown in October.

Since then, others including Royal Bank of Canada, Scotiabank, HSBC, NatWest, Santander, and JPMorgan Chase have either weakened or scrapped their decarbonization targets.