The world's most influential banks need to substantially accelerate climate efforts if global temperature rise is to be kept within the livability targets of the Paris Agreement, an assessment released Thursday warned.
The evaluation is significant because it comes from within the financial community, echoing the idea that fossil fuel investments must wind down, which environmentalists, climate scientists and energy experts have argued for years.
On their commitments to reducing emissions in their portfolios to zero, the banks, in aggregate, came in at 20%. On short- and medium-term climate targets, which demonstrate a pathway to net zero goals, they met just 10% of indicators. And the report found 1% of banks’ lobbying practices are consistent with the 1.5° C goal.
The four Chinese banks in the report, Agricultural Bank of China, Bank of China, China Construction Bank and the Industrial and Commercial Bank of China, have made no commitment to net zero emissions, the study found. They were the worst-rated institutions, each scoring zero in five of the six categories assessed.
“If too many banks plan to backload emissions reductions, global emissions will not be curbed rapidly enough,” the authors wrote.
France Dernières Nouvelles, France Actualités
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