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Banks flout net-zero targets to cash in on the next LNG boom

Corporate Knights

Liquefied natural gas developers have expansion plans that could release 10 additional metric gigatons of climate pollution by 2030, and major banks and investors are enabling them to the tune of nearly $500 billion. Many large banks have pledged to reach net-zero emissions, yet they are still financing the LNG boom. Citigroup (U.S.)

Net Zero 252
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Which banks are financing the clean energy transition?

Corporate Knights

The real question is, are the world’s banks ready to fund the development of renewable technologies at scale, and updating all the infrastructure in between? And which banks will take the lead? . Corporate Knights researchers ranked 60 banks for which they found quantifiable sustainable-revenue data from an initial pool of 91 banks.

Banking 360
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Investors crank up the heat on bank fossil fuel financing

Corporate Knights

New research reveals that banks are doing little to finance a low-carbon future, while investing trillions in multinational oil companies, some of which have doubled their profits in the last year. During that timeframe, the banks continued to pour $2.3 billion in 2016 and $34.5 billion in 2016 and $34.5 org, on his website.

Banking 351
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Bank financing for fossil fuels dips second year in a row

Corporate Knights

The 60 largest banks in the world have provided US$6.9 trillion in financing to the fossil fuel industry in the eight years since the Paris Agreement was signed, according to a comprehensive new report. from 2022, and down more than 26% from the highest fossil financing recorded in 2019. billion in 2022.

Banking 221
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2022 Global 100 Press Release

Corporate Knights

Toronto, Canada, January 19, 2022 – Corporate Knights’ 18 th annual ranking of the world’s 100 most sustainable corporations shows a continued correlation between higher investor returns and strong performance on key environmental, social and governance (ESG) metrics. Appendix II: 2022 Global 100 Most Sustainable Corporations in the World.

Banking 278
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If done well, financial regulations play a crucial role in cutting carbon emissions

Corporate Knights

This cannot continue if we are realistically going to achieve the goals of the Paris Agreement and keep global warming below 1.5 ° C. The latest federal climate plan – introduced in early 2022 – points toward tightening regulation of the oil and gas industry.

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ECB Sets Goal to Reduce Emissions of €331 Billion Corporate Bond Portfolio by 7% Per Year

ESG Today

According to the ECB, the new target is aimed at keeping its holdings on a path that supports the goals of the Paris Agreement and EU climate neutrality objectives.