News Formal

Finance industry's climate promises leave plenty of room for oil and gas

  • 📰 STForeignDesk
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 71%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

SAN FRANCISCO - 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.

More than half of the companies-including 20 of the GFANZ members-have no policies governing their oil-and-gas business. Among the companies with policies in place, the most popular restrictions are bans on several kinds of unconventional oil. More than a third of the firms limit Arctic and oil-sands work, with fewer prohibitions on shale and ultra-deepwater oil.

Just five companies, all banks, have quit or limited financing oil and gas expansion, according to the research.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

S'pore, Indonesia ink climate change partnership to pursue goals, including green finance
Source: straits_times - 🏆 5. / 69 Read more »