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European banks have loopholes to keep financing coal despite climate pledges, study finds | Business

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European banks still have loopholes that would allow them to continue financing coal, despite signing up to climate alliances that target net-zero emissions, according to a study by nonprofit ShareAction. | News24_Business

A survey of policies at 25 European banks revealed that the industry is also underreporting its support of high-carbon sectors in general, ShareAction said on Monday. The same study found that most banks aren’t measuring biodiversity risks when assessing clients and projects in which to invest. The study didn’t identify specific coal projects financed by banks.

The study comes just days after the world’s biggest climate-finance coalition, the Glasgow Financial Alliance for Net Zero, lost one of its biggest members. Vanguard Group said last week it would exit the GFANZ sub-alliance for asset managers, after judging the burden of meeting firm-wide climate goals too onerous.An overview of the challenges and opportunities of the climate crisis, as it changes the world we know.Beyond Europe, banks have continued to finance coal projects.

"While the number of banks announcing asset financing restrictions on new oil and gas fields has doubled in eight months, banks are reluctant to introduce any restrictions for new oil and gas at the corporate level," the report found.

 

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_Business Stinks 😷. I dnt know how stupid we can get 🚮

_Business

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