Banks undermine their ‘net zero’ pledges through lobbying – report

LONDON (Reuters) – Thirty of the world’s largest financial institutions are undermining their commitment to cutting carbon emissions by lobbying against climate regulation and by funding new fossil fuel projects, according to a report published on Friday.

The report, from London-based energy and climate think-tank InfluenceMap, found that all 30 institutions are members of industry associations “that have consistently lobbied to weaken key sustainable finance policies” in the European Union, Britain and the United States.

These policies are designed to boost transparency around financing environmentally harmful activities including fossil fuels.

One well-known activist investor and climate campaigner said the behaviour amounted to “greenwashing”.

“Any bank making a Net Zero promise whilst actively lobbying against necessary climate regulation – such as mandatory disclosure of borrowers’ emissions and climate action plans – is greenwashing,” Chris Hohn, the billionaire founder of hedge fund TCI, said in a quote provided by InfluenceMap.

“Shareholders should vote against the directors of banks who are hiding their exposure to climate risk.”

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