Despite pressure from activists, investors, and governments, the majority of the world’s 50 largest banks have not made sustainable finance commitments to respond to the risks ofand continue to finance fossil fuels, according to new findings by the World Resources Institute released on Thursday.
“If banks are serious about sustainability and stepping up to address the climate change challenge, we would expect to see a shift in how their sustainable finance commitments compare with their fossil fuel finance,” said Giulia Christianson, head of sustainable investing at WRI. Under pressure from investors, regulators and climate activists, some big banks have acknowledged the role lenders will need to play in a rapid transition to a low-carbon economy.
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