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Just A Third of Largest Banks Have Set Robust 2030 Climate Goals

  • Institutions are failing to put in place short-term targets
  • InfluenceMap’s Coates points to ‘stark disconnect’ in finance

Most of the world’s largest banks and asset managers are failing to set concrete climate targets for 2030, raising concern that global finance is kicking the can down the road when it comes to greening the industry.

Just 11 of the 30 biggest publicly traded financial companies have set reliable goals for slashing greenhouse gas emissions across multiple sectors by the end of the decade, according to climate researchers at InfluenceMap. That contrasts with all-but-one having signed up to the Glasgow Financial Alliance for Net Zero, or GFANZ, which commits them to such goals. At the same time, all are still members of industry associations that have lobbied to weaken sustainable finance policies in the European Union, the U.S. and the U.K., the report said.