A recent study by the World Resources Institute (WRI) reveals that global banks are significantly off-track in meeting their CO2 reduction targets. The analysis of 25 major banks shows that many of their pledges are less ambitious than they appear, with existing targets not aligned with limiting global warming to 1.5°C. The report highlights that banks’ portfolio emissions, particularly in sectors like the auto industry, are much higher than necessary to meet climate goals. Additionally, many banks’ coal phaseout policies are not comprehensive, failing to include corporate finance or advisory services.

Source: Business Times