The surge in new fossil fuel lending, up $64bn or nearly 8% on 2024, shows that the world’s largest 65 banks are making decisions incompatible with international agreements to restrain rising global temperatures, according to the coalition of environmental groups behind the new analysis.

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“The fossil fuel incumbents are not going out with a whimper,” said Niko Lusiani, a climate and energy expert who edited this year’s report. “They are doubling down to expand an increasingly fragile, unreliable, risky energy system.”

Fossil fuel lending is becoming more concentrated among a selection of large institutions, the new report found, with what the green groups called the ‘dirty dozen’ responsible for 40% of all industry funding. Almost all fossil fuel financing comes from six jurisdictions – the US, Canada, Japan, China, the UK and the European Union.