'Dirty little secret': Finance sector revealed as one of UK's biggest contributors to climate change

Banks and investors responsible for emissions

Pedro Gonçalves
clock • 3 min read
UK banks and asset managers financed carbon emissions that were 1.8 times the annual net emissions of the UK as a whole
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UK banks and asset managers financed carbon emissions that were 1.8 times the annual net emissions of the UK as a whole

UK banks and asset managers were responsible for financing 805 million tonnes of CO2 in 2019, which would make the City of London the ninth biggest emitter in the world if it were a country, according to a report by Greenpeace UK and WWF.

The new research points towards finance as one of the UK's largest contributors to climate change and supports calls for regulation to be introduced across the sector to bring it into line with Paris Agreement targets.  UK banks and asset managers financed carbon emissions that were 1.8 times the annual net emissions of the UK as a whole, the report reveals, placing UK finance at the same level as oil and gas extraction, coal mining, aviation and transport, high-carbon sector. Greenpeace UK's executive director John Sauven, said: "Finance is the UK's dirty little secret. Banks and inv...

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