Wall Street’s top six banks have sharply reduced fossil fuel financing in 2025, cutting total oil, gas, and coal lending by 25% year-to-date to $73 billion, according to data compiled by Bloomberg through August 1. The largest cut came from Morgan Stanley, which slashed lending by 54%, while JPMorgan Chase posted the smallest reduction at around 7%. Wells Fargo, despite paring back by 17%, remained the largest lender with $19.1 billion in fossil financing. The downturn comes amid the first projected decline in global upstream investment since…
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