25 Largest European Banks Not Even Close To Ready On Climate, Despite Copious PR & Greenwashing
Europe’s 25 largest banks are still failing to present comprehensive plans that address both the climate crisis and biodiversity loss, putting their sustainability pledges in doubt, campaigners have warned.
While some lenders such as NatWest are demonstrating leadership on specific issues – such as net zero targets and policies restricting financing for new fossil fuel – research by investment campaign group ShareAction found none of the banks it reviewed were taking action across all key areas. These are: biodiversity; exposure to high-carbon sectors; policies restricting services to sectors such as oil and gas; and linking executive pay to progress on climate issues.
ShareAction said banks should expect protest votes against their directors unless they shape up and start following best practices of their peers. “Where investors are dissatisfied with banks’ responses, ShareAction encourages investors to vote against directors and to file and vote for shareholder resolutions on climate change and biodiversity at banks’ 2022 AGMs,” the campaign group said.
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While 20 of Europe’s 25 largest banks have pledged to reach net zero carbon emissions by 2050, only Lloyds Banking Group, NatWest and Nordea have committed to halving their financed emissions by 2030 to ensure they are on track to meet those goals. Financed emissions are linked to the companies or projects to which banks offer loans or underwriting services. The report added that Barclays was also the only bank that had a policy covering capital market underwriting, in which investment banks help companies raise money through the issuing of shares, despite the practice being responsible for 65% of banks’ fossil fuel financing.
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https://www.theguardian.com/business/2021/sep/06/europes-top-25-banks-failing-on-green-pledges-campaigners-warn