Ben Caldecott, Director of the Oxford Sustainable Finance Group, was recently featured in an article by The Wall Street Journal, which detailed global banks sharp increase for fossil fuel financing in 2024, committing $869.4 billion—a 23% rise from the previous year—despite escalating climate warnings, according to the latest Banking on Climate Chaos report.
Ben Caldecott provided a strong critique of current banking practices. He emphasised that “far too much financing is provided to companies with no intention of ever decarbonizing,” and criticised banks for funding fossil fuel expansion plans that are “unmoored from the reality of the energy transition.” Caldecott called for banks to significantly scale up effective transition finance.
The report, authored by climate advocacy groups including the Rainforest Action Network and Sierra Club, argues that voluntary commitments have failed. It highlights that U.S. banks led the financing surge, and accuses regulators of ignoring the systemic financial risks posed by climate change.