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Finance Industry’s Climate Promises Leave Plenty of Room for Oil and Gas

Research by Reclaim Finance and partner organizations found that, of 150 financial institutions, more than half have no restrictions on fossil-fuel work

Oil Operations on the Outskirts of Baku
Photographer: Taylor Weidman/Bloomberg

Fewer than half of 150 major financial institutions have restricted their business with the oil-and-gas sector, even though many of them have made high-profile pledges to reduce their contribution to climate change, according to new research by the Paris-based nonprofit Reclaim Finance.

The analysis, called the Oil and Gas Policy Tracker, looked at governance policies at 60 banks, 60 investment institutions and 30 insurers. Of the whole group, 74 belong to the Glasgow Financial Alliance for Net Zero , an initiative that requires members to end their contribution to global heating by mid-century. More than half of the companies—including 20 of the GFANZ members—have no policies governing their oil-and-gas business.