JPMorgan Chase

HQ: US

NZBA withdrawn 2025

Fossil-fuel financing committed in 2024

$53.5B

NZBA pledge vs reality

Pledge signedPledged
2021
NZBA withdrawalChange
Withdrawn in 2025
Fossil-fuel share of energy financing (2024)Ratio today
6%

JPMorgan Chase joined the Net-Zero Banking Alliance as a founding member in 2021 and quietly withdrew on 7 January 2025 following political pressure on US banks. The world's largest fossil financier four years running: $192.3B cumulative 2021-2024, including $53.5B in 2024 alone (+39% year-on-year). Withdrew from the pledge once it became inconvenient — receipts remain.

View loan breakdown (6 items)

Loan breakdown

  • Oil and gas company financing (2024)

    Oil & gas
    $32B
    Medium — Approx 60% of $53.5B 2024 fossil financing total, scaled from JPM's BOCC 2024 sub-sector breakdown.

  • Fossil fuel expansion financing (2024)

    Other
    $27.8B
    High — BOCC 2025 explicitly names JPMorgan as the #1 expansion financier in 2024 at $27.8B (p.4). This is a subset of the $53.5B total but reported separately by BOCC.

  • LNG terminal and methane infrastructure (2024)

    LNG
    $9.6B
    Medium — ~18% of 2024 fossil book; JPM was a top LNG arranger per BOCC 2024.

  • Pipelines and midstream (2024)

    Pipeline
    $5.4B
    Medium — ~10% of 2024 fossil financing per BOCC 2024 sectoral mix.

  • Coal mining and coal power (2024)

    Coal
    $1.1B
    Medium — ~2% of 2024 fossil book given JPM's coal restriction policy.

  • Tar sands, Arctic and ultra-deepwater (2024)

    Other
    $5.4B
    Medium — Residual segment after named categories.

Fossil Fool

Foolishness score6

Show derivation
  1. World's #1 fossil financier (cumulative 2021-2024 = $192.3B)Value: 1Weight: 0.3[1]
  2. World's #1 fossil expansion financier 2024 ($27.8B)Value: 1Weight: 0.25[1]
  3. Withdrew from NZBA pledge in January 2025Value: 0.85Weight: 0.25[3]
  4. +39.03% one-year financing increase 2023 to 2024Value: 0.39Weight: 0.2[1]

Formula: JPMorgan Chase combines the largest absolute fossil book in the world, the largest expansion-finance position, and a strategic NZBA withdrawal in 2025. Score reflects scale + pledge abandonment.

Weights version: v1.0

Deep dive: revision history & methodology

Revision history

  1. 1FossilFoolish editorial

    Initial publication. Source: BOCC 2025 league table (p.10-11), Reuters/FT coverage of NZBA withdrawal Jan 2025.

Edited by: FossilFoolish editorial

Last reviewed:

Source: Banking on Climate Chaos 2025 (BOCC Coalition).

Sources

  1. Banking on Climate Chaos 2025: League Table — Rainforest Action Network et al. (accessed 03 May 2026)
  2. Banking on Climate Chaos 2025: Methodology Overview (p.56-57) — Rainforest Action Network et al. (accessed 03 May 2026)
  3. JPMorgan Leaves Net Zero Banking Group, Completing Departure of Major U.S. Banks — ESG Today (accessed 05 May 2026)
  4. JPMorgan becomes latest major US bank to exit NZBA — ESG Dive (accessed 05 May 2026)
  5. JPMorgan Chase Annual Report 2024 — JPMorgan Chase & Co. (accessed 03 May 2026)