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

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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.

 

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