Global banks under pressure to set more specific sustainable finance targets
To meet the world’s net zero targets, the ratio of green to fossil fuel financing should reach a minimum of 4:1 by 2030.
Shareholders are pressuring global banks like HSBC, JPMorgan and Citi to be more transparent around their sustainable finance activities and to set targets to increase the ratio of green to fossil fuel financing.
HSBC shareholders worth US$892 billion in assets under management asked the bank at its AGM to disclose how exactly it plans to use the US$1 trillion it has dedicated to sustainable finance by 2030, in an effort to increase transparency and ensure impact.
