Banks remain too open to coal and fossil fuel financing: TPI report
Banks’ climate targets are estimated to cover less than 22% of their total revenues.
No bank has fully ruled out all coal financing in line with a 1.5ºC scenario, and just 8% are committed to ending the funding of new oil and gas fields, according to a Transition Pathway Initiative (TPI) report highlighting “huge gaps” in banks’ climate policies.
The TPI Centre looked at the fossil fuel financing policies and climate performance of 26 major international banks – including the likes of Barclays, BNP Paribas, HSBC, ING, Mizuho, JP Morgan Chase and Goldman Sachs – ten US super-regional banks, and two US custodian banks, and concluded that “the overwhelming majority of banks are still in the early stages of their transition to a low-carbon economy”.
