Despite announcements in favour of the environment, the climate and biodiversity practices of Europe’s largest banks remain limited, according to a report published on 6 September by the British association ShareAction.
“While 20 of Europe’s 25 largest banks have pledged to reach net-zero emissions by 2050 at the latest, none have matched these long-term ambitions with comprehensive plans to avert climate change and biodiversity loss”, says ShareAction.
In particular, the report finds that only three of the 25 banks examined (Lloyds Banking Group, NatWest and Nordea) have set interim climate targets for 2030 in addition to their 2050 targets.
Less than half of the banks analysed have committed to phasing out financing of thermal coal activities, ShareAction said, adding that where such policies exist, they are flawed.
The association also points to a lack of transparency. For example, only seventeen of the 25 banks currently report their exposure to carbon-intensive sectors and only ten of these provide a breakdown by fossil fuel assets.
See the report: https://bit.ly/38QLsMR (Original version in French by Damien Genicot)