Big Banks Promised Climate Action. So Where Is It?

A flurry of climate pledges from financial institutions in recent years has not been followed by meaningful action




This story was originally published by Grist and is reproduced here as part of the Climate Desk collaboration.

A flurry of climate pledges from financial institutions in recent years has not been followed by meaningful action, according to a report from the corporate accountability nonprofit InfluenceMap published on Friday. 

Of the 30 largest financial institutions in the world, none has instituted fossil fuel finance policies that are in line with science-based guidance for stabilizing the climate at a safe temperature. Meanwhile, all of them retain membership in industry associations that routinely lobby against climate finance policies and regulations. READ >>

In 2020 and 2021, banks lent or underwrote $697 billion for oil and gas projects and $42 billion for coal.


 

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