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European banks won’t deliver a green steel transition alone

New analysis from BankTrack reveals stagnation and backtracking on green steel, and an urgent need for EU and UK to set stronger rules for finance

The steel industry, responsible for 11% of global CO2 emissions, is stalling in its urgently necessary green transition. Governments are relying heavily on private banks to finance the transition, as seen in the EU’s 2025 Steel and Metals Action Plan. But upon closer inspection, European banks are stagnating or backtracking in their individual steel decarbonisation strategies. In order to support…

2026-07-16 | Camila Cabanzo – BankTrack, Julia Hovenier – BankTrack, Quentin Aubineau – BankTrack

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European banks won’t deliver a green steel transition alone

New analysis from BankTrack reveals stagnation and backtracking on green steel, and an urgent need for EU and UK to set stronger rules for finance

BankTrack blog

2026-07-16 | Camila Cabanzo – BankTrack, Julia Hovenier – BankTrack, Quentin Aubineau – BankTrack

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Private Prisons complaint: Swiss watchdog finds two of three recommendations to UBS unaddressed

2026-07-16 | BankTrack, Worth Rises

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UniCredit is (mostly) leaving Russia – but will it leave behind its contributions to Putin’s war economy?

With a partial sale on the horizon, UniCredit is set to substantially reduce its presence in Russia. But in light of the ongoing war on Ukraine, the bank must clarify how it intends to make a full exit.

BankTrack blog

2026-07-14 | Max Hammer – BankTrack

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Research by the Dutch Fair Finance Guide: ING and Allianz are the largest financiers of liquefied natural gas from the US

2026-07-07 | Amsterdam | Dutch Fair Finance Guide

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Nordea’s new policy stands apart from European banks support for LNG expansion

2026-07-06 | Reclaim Finance

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Japan’s 2026 AGMs reveal shift in directors’ accountability on climate risk

2026-07-03 | Tokyo, Japan | Market Forces

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Join us: Banking on Climate Chaos webinars for campaigners

2026-06-29 | BankTrack

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Deep Pockets, Dirty Profits: How banks and investors are financing the global petrochemical industry

Banks pump over US$250 billion into petrochemicals despite growing industry risks

2026-06-16 | Center for International Environmental Law (CIEL)

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Japanese banks face OECD complaint over Mozambique LNG human rights allegations

Filing alleges failure to conduct adequate human rights due diligence, as scrutiny grows over financing of fossil fuel projects.

2026-06-15 | Tokyo, Japan | Solutions for Our Climate

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Upcoming events

Oct14

Commonwealth Bank AGM 2026

The 2026 general meeting of Commonwealth Bank's shareholders

Wed Oct 14 2026 12:00 AM (UTC) Australia AGM

Dec10

National Australia Bank AGM 2026

The 2026 general meeting of NAB's shareholders

Thu Dec 10 2026 12:00 AM (UTC) Australia AGM

Dec16

Westpac AGM 2026

The 2026 general meeting of Westpac's shareholders

Wed Dec 16 2026 12:00 AM (UTC) Australia AGM

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Spotlight

Santander: stop the Ariana mining project
A copper and zinc mining project planned for the central highlands of Peru is a disaster in the making for Lima. Santander made a $100 million loan to the owner in 2025, and construction could soon begin.…

New report: Banking on Climate Chaos 2026
The new Banking on Climate Chaos report showcases how the top 65 global commercial banks have financed fossil fuels companies and projects with USD 8.7 trillion since 2016.

New Briefing: Simandou. Risks to Rio Tinto financiers from the world's biggest iron ore mine 
A new briefing by BankTrack and Advocates for Community Alternatives raises serious concerns over banks’ silence and inaction in the face of the widespread impacts of Guinea's Simandou iron ore project,…

Target Dodgy Deals

Ternium Pesquería Steel Plant

Mexico | project

JSW Utkal Steel plant and captive coal power station

India | project

Simandou Iron Ore Project

Guinea | project

Papua LNG

Papua New Guinea | project

CoreCivic

United States | company

Mozambique LNG

Mozambique | project

ArcelorMittal

Luxembourg | company

East African Crude Oil Pipeline (EACOP)

Uganda | project

All Dodgy Deals

Focus banks

UniCredit

Italy

The second largest international bank in Russia, which faced urgent calls to leave from Ukrainian-led civil society groups, is now finally substantially reducing its Russian presence.

Sumitomo Mitsui Financial Group

Japan

At the bank's annual shareholder meeting, held on June 26th, more than 20% of shareholders voted against the board chair's re-election, after an initiative launched by Market Forces on systemic failures in overseeing material climate, transition and regulatory risks.

JPMorgan Chase

United States

The new Banking on Climate Chaos 2026 report crowns once again JPMorgan Chase as the top financier of fossil fuels among the largest global commercial banks, with a total of USD 248.9 billion financed in the period 2021-2025, USD 58.7 billion in 2025 alone.

UBS

Switzerland

A statement from the Swiss government's National Contact Point finds that the bank only partially met two out of its three recommendations, following a complaint about its investments in private prison companies CoreCivic and GEO Group.

All banks

Campaigns and projects

Banks and Climate

Banks and Human Rights

Banks and Nature

All campaigns and projects

Latest publications

    
    Banking on Climate Chaos 2026

                    2026-06-09 00:00:00
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                        BankTrack, Rainforest Action Network, urgewald, Reclaim Finance, CEED, Indigenous Environmental Network, Oil Change International, Sierra Club                    
                                    
The 17th edition of the Banking on Climate Chaos report tracks the financing by the largest 65 private commercial banks globally to more than 2.500 fossil fuel companies between 2021 and 2025.

    Project Impact Briefing: Risks to Rio Tinto financiers from the Simandou iron ore project in Guinea

                    2026-04-23 00:00:00
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                        BankTrack                    
                                    
    The Business of Leaving: Raiffeisen Bank International and the investment case for exiting Russia

                    2026-04-07 00:00:00
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                        BankTrack, KSE Institute, B4Ukraine                    
                                    
Briefing paper modelling the costs of a full exit from the Russian market for Raiffeisen Bank International

    Financing False Solutions in Steel Decarbonisation 

                    2026-02-11 00:00:00
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                        BankTrack                    
                                    
This report analyses the sustainable finance frameworks of 20 global banks, and which solutions for steel decarbonisation are included.