Plus, Farage to headline CPAC GB event ...

From the Editor's Desk

What happens when the world’s biggest banks pledge to fight climate change, and then pour hundreds of billions of dollars into the very industries driving it?

This week, DeSmog contributor Sarah Hofmann, takes a deep dive [[link removed]] into a new report that reveals global bank financing to fossil fuels skyrocketed over the past year.

In 2025, the world’s largest banks increased fossil fuel financing to $906 billion — a $65 billion increase from 2024 — as many retreated from earlier climate promises. The shift comes as the Trump administration rolls back climate regulations and pushes policies aimed at expanding fossil fuel production. But critics say the trend reveals a deeper problem.

“Banks keep telling us they’re committed to climate,” said report coauthor Diogo Silva of BankTrack, a non-profit that monitors banks and the projects they finance. “Then they abandon their own policies the moment political pressure mounts.”

While major American banks were already among the biggest fossil fuel financiers, the new political landscape has left the U.S. increasingly “off-kilter” with global climate efforts, according to coauthor Niko Lusiani, research director for Rainforest Action Network, which sponsored the report [[link removed]].

Why does it matter when the world’s biggest banks pour billions more into fossil fuels?

Because every new pipeline, drilling project, and gas terminal financed today can lock the planet into decades more climate pollution — even as scientists warn that emissions need to fall sharply to avoid the worst impacts of global warming. Get the full story. [[link removed]]

The same fossil fuel industry driving climate change also gets a megaphone on some of the world’s most influential media platforms, according to a new analysis.

This week, DeSmog’s TJ Jordan and Joey Grostern reveal how the American Petroleum Institute (API) [[link removed]] — the largest U.S. oil and gas lobby group — has pushed a major advertising campaign on popular podcasts [[link removed]] for The New York Times, The Wall Street Journal, and other outlets.

Over the past 9 months, 85 ads appeared on the NYT’s top podcast, “The Daily,” and 70 ads were on a popular Wall Street Journal podcast. All of these ads promoted expanding fossil fuel infrastructure.

“When elite news outlets like The New York Times and Wall Street Journal accept sponsorships from these actors, it corrodes the trust their climate reporting depends on,” Boston University’s Michelle Amazeen said.

Dive into the full story. [[link removed]]

What else do you want to know about these topics? Let us

know what questions you’d still like answered: Email us at [[email protected]]. Looking for more in-depth UK coverage? Sign up for our UK newsletter [[link removed]].

Thanks as always,

Geoff Dembicki

Global Managing Editor

Support More Climate Accountability Journalism

All of DeSmog’s investigations and profiles are free (and always will be). Readers like you help pitch in what they can so we can bring you more deeply reported work on climate and nature.

Can you take 60 seconds right now to help power more of this work into the future? [[link removed]]

YES, I CAN [[link removed]]

Photo credit: Demonstrators protest against JPMorgan Chase Bank’s financing of some of the most polluting forms of fossil fuels in 2018 in Plano, Texas. Credit: Rainforest Action Committee

NYT, WSJ Podcasts Promote Pro-drilling Ads by Top US Oil Lobby API [[link removed]]— By TJ Jordan and Joey Grostern (9 min. read) —

The New York Times has included dozens of ads pushing looser permitting rules on America’s third-most popular podcast since September, analysis finds.

READ MORE [[link removed]]

Fossil Fuel Financing Surged to

$906 Billion in 2025 as Big Banks

Retreat From Climate Promises [[link removed]]

— By Sarah Hofmann (7 min. read) —

JPMorgan topped the list of bankers embracing “disaster capitalism” as Trump’s climate deregulation policies inspire more industry investments, new report finds.

READ MORE [[link removed]] Nigel Farage to Headline

Liz Truss’ CPAC GB Event [[link removed]]— By Sam Bright (3 min. read) —

The Reform leader has opted to join the pro-Trump conference as it comes to the UK.

READ MORE [[link removed]]

Climate progress, every week

The Looking Forward newsletter brings you stories of what’s happening in the world of climate solutions — and how you can be a part of it. No doom and gloom. No rose-colored glasses, either. Just reasons to believe that change is possible, and already underway. From Grist, a nonprofit independent climate newsroom. Come join us!

Sign up now. [[link removed]] Free, every Friday in your inbox.

Zia Yusuf Cosying Up to Group Behind ‘Authoritarian’ Project 2025 Agenda [[link removed]]

— By Sam Bright (4 min. read) —

Reform has been chasing even closer ties to Trump’s allies.

READ MORE [[link removed]]

Nigel Farage and Lee Anderson Have

Made £1 Million from GB News [[link removed]]

— Sam Bright (6 min. read) —

The broadcaster has been accused of becoming “Reform TV”.

READ MORE [[link removed]] From the Climate Disinformation Database: American Petroleum Institute (API) [[link removed]]

The American Petroleum Institute (API) is the largest trade association for the oil and gas industry, representing over 600 corporate members “from the largest major oil company to the smallest of independents, come from all segments of the industry.” API is heavily involved in direct lobbying on behalf of the oil and gas industry, having spent over $127 million on lobbying activities from 1998-2002, according to data collected by OpenSecrets. API launched its Explore Offshore project in June 2018 “seeking to convince Hispanic and black communities to support the Trump administration’s proposed expansion of offshore drilling,” Reuters reported. In the API’s 2017 “Climate and Energy” primer, API claims that the use of natural gas is enough to reduce CO2 emissions, and that we should recognize “the many benefits that oil and natural gas provide our nation.” [[link removed]]

Read the full profile [[link removed]] and browse other individuals and organizations in our Climate Disinformation Database [[link removed]], Ad & PR Database [[link removed]], and Koch Network Database [[link removed]].

[[link removed]]

DeSmog

1455 NW Leary Way, Suite 400

Seattle, Washington, 98107

Unsubscribe [link removed]