Bank of America, Citigroup, JPMorgan Chase, and the Japanese bank Mizuho Financial were among the top banks increasing financing for fossil fuel expansion last year, RAN’s analysis found. She noted that fossil fuel financing is becoming more concentrated among a smaller number of large banks, primarily those based in North America and Japan, as several European banks have begun to scale back funding. A coalition of advocacy groups including CIEL are calling on big banks to end their support for fossil fuel and petrochemical expansion. Fajans-Turner said the upward swing in fossil fuel financing reveals the weakness of voluntary sustainability commitments and reinforces the need for regulation. Fossil fuel companies “have received decades of subsidies and financial support,” Tickner said.