Post by sweetpea33 on Jan 23, 2024 1:42:37 GMT -5
Approached to comment on the report, spokespeople from Barclays and HSBC pointed to their respective 2050 net-zero commitments, despite the two banks being ranked the seventh and 13th largest most prolific fossil fuel lenders globally since 2016 by today's report, having funneled $145 billion and $111 billion into coal, oil and gas, respectively. The banking sector maintains that serious change is afoot. "HSBC has announced it will propose a special resolution on climate change at its AGM in May which will set out the next phase of HSBC's strategy to support its customers on the transition to net-zero carbon emissions," the HSBC spokesperson said.
To phase out the financing of coal-fired power and thermal coal mining by 2030 in markets in the European Union and OECD, and by 2040 in Email List other markets." "We have made a commitment to align our entire financing portfolio to the goals of the Paris Agreement, with specific targets and transparent reporting, on the way to achieving our ambition to be a net-zero bank by 2050," the Barclays spokesperson said. "We believe that Barclays can make a real contribution to tackling climate change and help accelerate the transition to a low-carbon economy."
JP Morgan Chase declined to comment on the findings, and BNP Paribas and CitiGroup did not respond for a request for comment at the time of going to press. While it is clear the banking sector has reached a turning point on sustainability over the last 12 to 18 months, today's report provides compelling evidence that net-zero pledges need to be swiftly backed up by credible strategies that will quickly wind down bank's exposure to fossil fuel assets and ramp up their support for clean infrastructure. Promises to establish climate-responsible investment portfolio in 30 years' time are clearly meaningless if banks continue to channel hundreds of billions of dollars into the industries that are locking in several more decades of carbon intensive infrastructure. And yet, today's report comes within hours of the U.K.
To phase out the financing of coal-fired power and thermal coal mining by 2030 in markets in the European Union and OECD, and by 2040 in Email List other markets." "We have made a commitment to align our entire financing portfolio to the goals of the Paris Agreement, with specific targets and transparent reporting, on the way to achieving our ambition to be a net-zero bank by 2050," the Barclays spokesperson said. "We believe that Barclays can make a real contribution to tackling climate change and help accelerate the transition to a low-carbon economy."
JP Morgan Chase declined to comment on the findings, and BNP Paribas and CitiGroup did not respond for a request for comment at the time of going to press. While it is clear the banking sector has reached a turning point on sustainability over the last 12 to 18 months, today's report provides compelling evidence that net-zero pledges need to be swiftly backed up by credible strategies that will quickly wind down bank's exposure to fossil fuel assets and ramp up their support for clean infrastructure. Promises to establish climate-responsible investment portfolio in 30 years' time are clearly meaningless if banks continue to channel hundreds of billions of dollars into the industries that are locking in several more decades of carbon intensive infrastructure. And yet, today's report comes within hours of the U.K.