Banking on a low-carbon future II (A ranking of the 20 largest European banks’ responses to climate change)

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The latest report from Share Action looks at the progress on climate change from Europe’s top 20 banks.

Rating band

Rank

Bank

Score in %

Best practice

Leaders

1

BNP Paribas

63.2

2

Lloyds Banking Group

61.7

3

ING

53.6

Building capacity

4

UBS

47

4

HSBC

47

6

Crédit Agricole

46.2

7

Societe Generale

43.8

8

Standard Chartered

41.2

9

Santander

40.8

10

ABN AMRO

40.5

Business as usual

11

Barclays

39.5

12

BBVA

36.8

13

Deutsche Bank

36.3

14

Nordea

33.3

15

RBS

32.4

16

UniCredit

32

16

Commerzbank

32

18

Credit Suisse

30.3

Laggards

19

Intesa Sanpaolo

27.8

20

Danske Bank*

12.5

Share Action: Ranking of the 20 largest European banks based on their response to climate change (* Danske Bank chose not to participate in the survey, so was scored based on publicly available information only).

The leaders showed strong management of climate-related risks and opportunities across multiple assessed areas but none of the above banks merited the top tier of best practice.

Share Action noted that “Banks’ policies in relation to high-carbon sectors are currently still insufficient to ensure alignment with the goals of the Paris Agreement, and often they are just tinkering around the edges. While banks have largely stopped providing project finance for coal mining and coal power, policies on general corporate financing for companies reliant on coal are still missing”.

Banks have a key role to play in tackling climate change in terms of the companies that they finance and support and in meeting the Paris Agreement goals to ensure a more safe and equitable planet for current and future generations.

There has been positive progress and more commitment to climate change goals through the Principles for Responsible Banking and the Collective Commitment to Climate Action, which has over 33 banking signatories. However, Rainforest Action Network, Bank Track and others have commented that the worlds largest banks still funded over $2.7 Trillion in fossil fuel projects between 2016 and 2019.

“The sector’s support for fossil fuels seriously undermines efforts towards climate action elsewhere within the banks and puts a question mark over how seriously they are really taking the climate crisis”.

Read the full report here…

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