Among major US banks, no large commercial bank has a substantially lower financed emissions intensity than its peers — JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo all carry estimated intensities in a similar range, driven by their large fossil fuel lending portfolios. The meaningful difference is between standard commercial banks and certified green or fossil-free institutions. Banks certified by the Global Alliance for Banking on Values (GABV) — including Amalgamated Bank, Beneficial State Bank, and Sunrise Banks in the US — carry estimated financed emission intensities approximately 75–80% lower than large commercial banks, based on GreenFi and PCAF-aligned methodology. In the EU, Triodos Bank and similar cooperative institutions operate at similarly reduced intensities relative to mainstream European banking.
All figures are estimates based on portfolio-level PCAF-aligned data. Individual bank disclosures vary in coverage and methodology. See the methodology note at the end of this post.
Why large US banks look similar to each other
The four largest US commercial banks — JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo — collectively provided over $1 trillion in financing to fossil fuel companies between 2016 and 2023, according to the Banking on Climate Chaos 2024 report (Rainforest Action Network et al.). Their aggregate financed emission intensities, calculated on a PCAF Part A basis (balance sheet only), sit in a band of roughly 0.22–0.28 kg CO₂e per dollar of total assets per year. The variation between them reflects differences in loan book composition, geographic exposure, and data reporting quality — not a systematic commitment to lower-carbon lending by any one institution.
All four have published net-zero commitments and TCFD-aligned climate disclosures. However, as Reclaim Finance and the Sierra Club have documented, net-zero commitments at large banks typically apply to 2050 targets for Scope 1 and 2 emissions, with Scope 3 financed emissions targets covering only specific high-carbon sectors rather than total portfolio intensity. The gap between published commitments and actual lending patterns remains large at most institutions. JPMorgan’s 2023 Climate Report discloses financed emissions for oil and gas, power, and auto manufacturing, but does not publish a total portfolio intensity figure comparable across institutions.
An important methodological caveat applies here: the figures most commonly cited for large banks cover PCAF Part A only — loans and securities held on the bank’s own balance sheet. Part B, which covers facilitated emissions from underwriting and syndication (arranging bond issuances and equity raises for companies, without holding the securities), is not yet required under most disclosure frameworks. For investment banks with large capital markets operations, Part B can be comparable in scale to Part A. Rainforest Action Network’s Banking on Climate Chaos methodology estimates that including facilitated activity roughly doubles the climate financing attribution for the largest US banks.
$10,000 at a large US bank ≈ 2.4 tons CO₂e/yr estimated financed impact
Same balance at a GABV-certified green bank ≈ 0.57 tons CO₂e/yr — a reduction of approximately 1.8 tons CO₂e per year. Source: GreenFi / Project Drawdown, PCAF Part A methodology. These are estimates; individual bank intensities vary.
Bank comparison: estimated financed emission intensity
The table below compares estimated financed emission intensities for selected US and EU banks, derived from PCAF-aligned methodology using published TCFD and sustainability disclosures, GreenFi data, MotherTree Bank League Table 2023 (UK), and Carbone 4 analysis (EU). All figures are CO₂e per dollar or euro of deposits held per year, PCAF Part A only. Where a bank has not published sufficient data to calculate a direct intensity, the figure shown is the applicable category average for that institution type.
| Bank | Country | Type | Est. kg CO₂e per $1 held/yr | Basis |
|---|---|---|---|---|
| JPMorgan Chase | US | Large commercial | ~0.270 | GreenFi / TCFD 2023 partial disclosure |
| Citigroup | US | Large commercial | ~0.255 | GreenFi / TCFD 2023 partial disclosure |
| Bank of America | US | Large commercial | ~0.240 | GreenFi category average |
| Wells Fargo | US | Large commercial | ~0.240 | GreenFi category average |
| Amalgamated Bank | US | GABV certified | ~0.057 | GreenFi / GABV; fossil-free lending policy |
| Beneficial State Bank | US | GABV certified | ~0.057 | GreenFi / GABV; mission-driven lending |
| ING Group | Netherlands / EU | Large commercial | ~0.175 | Carbone 4 / ING Terra approach disclosure |
| BNP Paribas | France / EU | Large commercial | ~0.155 | Carbone 4 EU average; CSRD disclosure pending |
| Triodos Bank | Netherlands / EU | GABV certified | ~0.045 | GreenFi / GABV; exclusively green lending mandate |
| GLS Bank | Germany / EU | GABV certified | ~0.045 | GreenFi / GABV; social and ecological lending only |
Sources: GreenFi methodology; PCAF Global GHG Accounting Standard v3 (2023); Carbone 4 EU banking analysis; MotherTree Bank League Table 2023; individual bank TCFD disclosures 2023/24. All figures are estimates in kg CO₂e per dollar (or euro) of deposits held per year, PCAF Part A only. Figures represent category-level averages where individual bank data is insufficient for direct calculation.
Why precise bank-level comparison is still difficult
No large US bank currently publishes a single total financed emission intensity figure covering its full balance sheet using a standardised methodology. TCFD disclosures typically cover only selected sectors (oil and gas, power, automotive), leaving the remainder of the portfolio undisclosed. EU banks are beginning to publish more complete data under the Corporate Sustainability Reporting Directive (CSRD), with the first full reporting cycle completing in 2025–2026. Until that data is available at scale, institution-level comparison relies on partial disclosures, sector-weighted proxies, and third-party estimates. Figures in this post are best available estimates — not verified institutional data.
Why EU banks show lower intensity than US banks
The estimated financed emission intensity of average EU commercial banking (~0.155 kg CO₂e/€-yr) is meaningfully lower than for US equivalents (~0.240 kg CO₂e/$-yr) for several structural reasons. First, EU bank loan portfolios have a lower weighting toward fossil fuel extraction and production, in part because EU taxonomy regulations and EBA ESG requirements apply stricter constraints on fossil fuel-linked lending. Second, ECB data published in November 2025 showed that EU bank loan portfolio carbon intensity fell 43% between 2018 and 2023, driven by a combination of loan book transition and improved sector-level emission factors in underlying borrowers. Third, EU economies are generally less fossil-fuel-intensive per unit of GDP than the US, meaning that commercial and industrial lending generates lower financed emissions for a given loan volume.
These differences are real but should not be overstated. Several major EU banks — including Deutsche Bank, Société Générale, and Barclays — remain significant financiers of fossil fuel projects globally and carry higher individual intensities than the EU average suggests. The EU average benefits from the inclusion of cooperative and savings banks with domestically concentrated lending books and limited fossil fuel exposure. Comparing a deposit at a large EU universal bank to the EU average figure will likely understate that institution’s financed emissions.
What GABV certification means in practice
The Global Alliance for Banking on Values (GABV) is a network of independently owned banks, microfinance institutions, and credit unions that have committed to directing lending toward sustainable economic development. GABV members include over 70 institutions globally across more than 45 countries. Membership requires meeting six principles of sustainable banking, including a primary commitment to sustainable development, client-centred transparency, and long-term resilience. GABV conducts regular assessments of member institutions against these principles.
In the US, GABV-certified institutions that accept retail deposits include Amalgamated Bank (New York), Beneficial State Bank (California, Oregon, Washington), Sunrise Banks (Minnesota), and Southern Bancorp (Arkansas and Mississippi). These institutions vary in size and product offering — Amalgamated Bank operates nationally with online banking, while Sunrise Banks focuses on community development lending. Not all offer the full range of products available at large commercial banks, and deposit insurance limits and fee structures should be verified independently before switching.
In the EU, Triodos Bank (Netherlands, with operations in Belgium, Germany, Spain, and the UK) and GLS Bank (Germany) are the most established GABV-certified retail banking institutions. Triodos publishes an annual Impact Report disclosing financed emissions by lending sector, making it one of the few banks globally where deposit-attributed emission estimates can be cross-checked against the institution’s own published data. According to Triodos’ 2023 Impact Report, total financed CO₂e from its loan book was approximately 250,000 tonnes across €14.3 billion in loans — an intensity substantially below the EU mainstream average.
How to evaluate your own bank’s emissions
Find your bank’s TCFD or CSRD disclosure. Most large banks publish an annual climate report or TCFD report. Search for “[bank name] TCFD report 2023” or “[bank name] climate report”. Look for a financed emissions section — it will typically show total tonnes CO₂e attributed to specific lending sectors. If no financed emissions data is published at all, that is itself informative.
Check the Banking on Climate Chaos report. Rainforest Action Network publishes an annual ranking of the 60 largest global banks by fossil fuel financing volume. This covers both balance sheet lending (Part A) and facilitated activity (Part B). The report is available free at bankingonclimatechaos.org. Finding your bank in the ranking gives a directional sense of its fossil fuel exposure even without a precise emission intensity figure.
Use a third-party comparison tool. In the UK, MotherTree’s Bank League Table ranks major banks by financed emissions intensity using PCAF methodology. In the US, GreenFi provides institution-level estimates for a wider set of banks than most academic analyses. In the EU, ShareAction’s Banking on a Low-Carbon Economy scorecard covers 25 European banks on climate lending criteria.
Consider switching to a GABV-certified institution. If reducing the financed emissions attributed to your deposits is a priority, switching to a GABV-certified bank is the most reliable action available, because GABV membership criteria require evidence of sustainable lending practice rather than relying on self-reported disclosure. Verify product offering, fee structure, and FDIC/FSCS insurance coverage before switching. Decarb’s action page on switching to a fossil-free bank covers the practical steps.
Don’t overlook your investment portfolio. For most people with savings, the estimated financed emissions from investments exceed those from banking deposits — because investment balances are typically larger than current account balances. Switching a standard investment portfolio to an ESG-screened fund reduces estimated investment emissions by approximately 50% at current intensity differentials. The financed emissions explainer at decarb.co/blog/what-are-financed-emissions covers both categories in detail.
Frequently asked questions
Which US bank has the lowest carbon footprint?
Among large commercial banks, no major US institution has meaningfully lower financed emissions than its peers — JPMorgan, Citigroup, Bank of America, and Wells Fargo all carry similar estimated intensities in the 0.24–0.27 kg CO₂e per dollar per year range, based on GreenFi PCAF-aligned estimates. The meaningful gap is between large commercial banks and GABV-certified green banks such as Amalgamated Bank and Beneficial State Bank, which carry estimated intensities approximately 75–80% lower at around 0.057 kg CO₂e per dollar per year.
Does switching banks actually reduce my carbon footprint?
Switching to a GABV-certified bank reduces the estimated financed emissions attributed to your deposits — by approximately 1.8 tons CO₂e per year for a $10,000 balance, based on current GreenFi intensity estimates. However, these are proportional estimates, not verified individual emission reductions. The deposit fungibility problem means your specific dollars are not traceable to specific loans. The mechanism through which switching banks affects real-world emissions is via shifting institutional lending incentives and capital availability rather than direct attribution. Decarb presents this as estimated financed impact rather than verified emission reduction.
Are EU banks greener than US banks?
On average, yes — the estimated financed emission intensity of EU commercial banking (~0.155 kg CO₂e/€-yr) is lower than the US standard (~0.240 kg CO₂e/$-yr), driven by EU taxonomy constraints, EBA ESG requirements, and a 43% reduction in EU bank portfolio carbon intensity between 2018 and 2023 (ECB, November 2025). However, several large EU banks remain significant fossil fuel financiers globally, and the EU average is improved by the inclusion of many cooperative and savings banks with low-carbon domestic lending books. Individual EU banks vary considerably.
What is GABV and which banks are certified?
The Global Alliance for Banking on Values (GABV) is a network of over 70 independently owned banks and credit unions committed to sustainable and community-focused lending. In the US, retail deposit institutions with GABV certification include Amalgamated Bank, Beneficial State Bank, Sunrise Banks, and Southern Bancorp. In the EU, Triodos Bank and GLS Bank are the most established certified retail institutions. A full list of members is available at gabv.org. GABV membership requires meeting six principles of sustainable banking, assessed through regular peer review.
Why is it hard to compare banks by carbon footprint directly?
No large US bank currently publishes a total financed emission intensity figure covering its full balance sheet in a standardised, comparable format. TCFD disclosures cover only selected high-carbon sectors. PCAF Part B (facilitated emissions from underwriting and syndication) is excluded from most published figures. EU CSRD disclosures, expected to become more complete through 2026, should improve comparability for European institutions. Until then, bank-level comparison relies on third-party estimates using partial data, making it difficult to rank institutions with precision. The safest approach is to use a recognised third-party source such as the Banking on Climate Chaos report or MotherTree League Table alongside any institution’s self-published figures.
Your full footprint
See how banking and investing stack up against the rest of your footprint
Decarb’s calculator includes adjustable banking and investment sliders — change your bank type and see the impact on your total estimated footprint. Free, no account required.
Methodology note
Bank-level financed emission intensities in this post are derived using the proportional allocation model per PCAF v3: a depositor’s estimated financed impact equals their balance multiplied by the bank’s total financed emissions divided by total assets. Where individual bank total portfolio data is unavailable, the applicable category average is used (large US commercial bank: 0.240 kg CO₂e/$-yr; GABV-certified US bank: 0.057 kg CO₂e/$-yr; EU standard: 0.155 kg CO₂e/€-yr; EU green: 0.045 kg CO₂e/€-yr). These are estimates with significant uncertainty — PCAF assigns deposit-based calculations its lowest data quality score (DQS 5) due to deposit fungibility and aggregate-only disclosure.
All figures cover PCAF Part A only (balance sheet financing). Facilitated emissions (Part B) are excluded, which means large investment banks engaged in significant fossil fuel underwriting may be materially understated. Decarb labels the finance category ‘estimated financed impact’ throughout, consistent with this framing. Full emission factors and derivations are at decarb.co/methodology. Background on financed emissions methodology is at decarb.co/blog/what-are-financed-emissions.
Sources
- PCAF (Partnership for Carbon Accounting Financials). Global GHG Accounting and Reporting Standard for the Financial Industry, version 3. 2023. carbonaccountingfinancials.com
- Rainforest Action Network et al. Banking on Climate Chaos 2024. bankingonclimatechaos.org
- GreenFi / Project Drawdown. Banking emission intensity methodology and US institution data. greenfi.com
- Carbone 4. EU banking financed emissions analysis. carbone4.com
- European Central Bank. Climate-related financial disclosures, November 2025. ecb.europa.eu
- MotherTree. Bank League Table 2023: UK financed emissions intensity comparison. mothertree.com
- ShareAction. Banking on a Low-Carbon Economy scorecard, 2023. shareaction.org
- Global Alliance for Banking on Values. Member institution list and assessment framework. gabv.org
- Triodos Bank. Impact Report 2023. triodos.com
- JPMorgan Chase. Climate Report 2023. jpmorganchase.com