{"id":72622,"date":"2022-02-28T07:40:01","date_gmt":"2022-02-28T05:40:01","guid":{"rendered":"https:\/\/vastuullisuusuutiset.fi\/?p=72622"},"modified":"2022-03-01T16:27:27","modified_gmt":"2022-03-01T14:27:27","slug":"worlds-top-banks-show-minimal-clear-commitments-to-shift-financing-away-from-fossil-fuels-finds-revelational-study","status":"publish","type":"post","link":"https:\/\/vastuullisuusuutiset.fi\/en\/csr-news-en\/worlds-top-banks-show-minimal-clear-commitments-to-shift-financing-away-from-fossil-fuels-finds-revelational-study\/","title":{"rendered":"World\u2019s top banks show minimal clear commitments to shift financing away from fossil fuels, finds revelational study"},"content":{"rendered":"

Big banking is saying little on how they will combat climate change through their financing, shows a new study which finds minimal, clear commitments to aid financing away from fossil fuels. The top 10 banks \u2013 ranked as the largest funders of fossil fuel organizations \u2013 are talking more about climate change in general. However, in an analysis of annual reports, these banks were found to be vague when it comes to initiatives to counter it.<\/p>\n

In 2020 alone, $425.92bn was spent financing fossil fuels by this group \u2013 which includes banks from the US, such as JP Morgan Chase; the UK, Barclays; Canada, Toronto Dominion Bank; and Japan, Mitsubishi UFJ Financial Group. Published today in the peer-reviewed journal Climate Policy, the findings of this new study include a plea from the experts to change the way banks support the fossil fuel industry. The team, based at the University of Gothenburg, also set a three-point list of recommendations.<\/p>\n

The academic team \u2013 which also includes co-author Jasmine Elliott, a PhD student from Gothenburg\u2019s Department of Philosophy, Linguistics and Theory of Science \u2013 expects \u201cpublic pressure\u201d to likely affect the banks\u2019 priorities and strategies in relation to climate change. The team\u2019s recommendations for policy changes include:<\/p>\n

Climate-related financial disclosures should target banks’ climate impact in relation to their client financing; in a clear and contextualized manner, so it is accountable.Effective policies to explicitly consider how banks should measure and reduce climate impacts in a way that is comparable \u2013 aligned with the Paris Agreement \u2013 and in relation to credit financing operations to clients. Legislation mandating human rights and environmental due diligence implemented with explicit considerations in relation to climate change.<\/p>\n

Their paper analyses the annual reports from 2015 to 2019 for the world\u2019s 10 largest banks, based on their level of financing fossil fuels following from the 2020 Banking on Climate Change report. The biggest financier is JP Morgan Chase with $64.93bn, followed by Citigroup with $52.41bn. Scotiabank round-up the top 10 with $26.04bn spent.<\/p>\n

Limitations of the study include it being a review of annual reports, and not specific \u2018sustainability and environmental, social, and governance initiative\u2019 documents. However, the authors argue an annual report is \u201cone of the best ways to get an overall snapshot of a company\u2019s priorities and what the company wants to portray to the public\u201d.<\/p>\n

Source: EurekAlert<\/a><\/p>\n

 <\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Big banking is saying little on how they will combat climate change through their financing, shows a new study which finds minimal, clear commitments to…<\/p>","protected":false},"author":4,"featured_media":21092,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":null,"_FSMCFIC_featured_image_hide":null,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[32,11659],"tags":[5147,417,8608,12682,180,749,17875,5701,775],"class_list":["post-72622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-csr-news-en","category-science-news","tag-bank","tag-climate","tag-commitment","tag-financing","tag-fossil","tag-fuel","tag-minimal","tag-top","tag-world","wpcat-32-id","wpcat-11659-id"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/vastuullisuusuutiset.fi\/wp-content\/uploads\/2020\/08\/hiilikasa1.jpg?fit=100%2C100&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/vastuullisuusuutiset.fi\/en\/wp-json\/wp\/v2\/posts\/72622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vastuullisuusuutiset.fi\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vastuullisuusuutiset.fi\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vastuullisuusuutiset.fi\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/vastuullisuusuutiset.fi\/en\/wp-json\/wp\/v2\/comments?post=72622"}],"version-history":[{"count":4,"href":"https:\/\/vastuullisuusuutiset.fi\/en\/wp-json\/wp\/v2\/posts\/72622\/revisions"}],"predecessor-version":[{"id":72815,"href":"https:\/\/vastuullisuusuutiset.fi\/en\/wp-json\/wp\/v2\/posts\/72622\/revisions\/72815"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vastuullisuusuutiset.fi\/en\/wp-json\/wp\/v2\/media\/21092"}],"wp:attachment":[{"href":"https:\/\/vastuullisuusuutiset.fi\/en\/wp-json\/wp\/v2\/media?parent=72622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vastuullisuusuutiset.fi\/en\/wp-json\/wp\/v2\/categories?post=72622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vastuullisuusuutiset.fi\/en\/wp-json\/wp\/v2\/tags?post=72622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}