The world’s most influential banks need to substantially accelerate climate efforts if global temperature rise is to be kept within the livability targets of the Paris Agreement, an assessment released Thursday by an institutional investors' group warned.
The efforts of 27 giant banks in North America, Europe and Asia to align their policies with global warming of no more than 1.5 degrees Celsius (2.7 Fahrenheit) are falling far short in every area measured in the pilot study, obtained exclusively by The Associated Press. The report finds no bank has committed to end financing for new oil and gas exploration, and only one has promised to cut all coal financing in line with International Energy Agency guidelines.
