Europe’s biggest banks failing to end coal financing despite net-zero climate pledges, report finds.

In a recent report, banks were rated in terms of their overall net targets; disclosing its emissions from high carbon sectors; sectoral decarbonization policy; its biodiversity goals; and how executive compensation relates to sustainability. While 20 of the 25 banks have set a long-term net targets for financial problems, the report raises concerns about whether appropriate plans have been made to address these problems.

Only three of the net zero target banks, Lloyds Banking Group, NatWest Group and Nordea, have committed to halving their funded emissions by 2030. Net zero by 2050, global net emissions should be cut by at least half by 2030. In addition, less than half (12) of the banks have formally committed themselves to ending financing joint operations related to the coal sector by the recommended deadline of 2030 for OECD countries and no later than 2040 for other countries. In addition, only seven banks are currently restricting corporate financing to companies that plan to expand their coal mining portfolio in the coming years. Read more

ESG Team
the authorESG Team