Bank Group Accused Of Loopholes And ‘Greenwashing’ In Climate Pledge

"‘Net zero’ global alliance of financial institutions, begun at Cop26, can still invest in coal and other fossil fuels"

"Banks that have signed up to a global climate pledge, led by Mark Carney, a former governor of the Bank of England, can still invest unlimited amounts in coal mining and coal power, despite promises to tighten the rules on their lending.

Green campaigners have slammed the loopholes, uncovered by the Guardian, as “greenwashing”, after updated criteria for banks involved in the Glasgow Financial Alliance for Net Zero (GFANZ) were unveiled on Wednesday.

These loopholes would allow banks to continue to make new investments in coal until this time next year.

GFANZ members can also maintain their existing investments in coal and other fossil fuels beyond 2023, subject to an eventual “phasing down and out” of these assets."

Fiona Harvey reports for the Guardian June 15, 2022.


Source: Guardian, 06/16/2022