Majority of banks failing to set sufficient carbon reduction targets

NZBA research by ShareAction

The majority of members in the Net Zero Banking Alliance are failing to set targets that will leave them able to meet a 1.5°C target, new research from ShareAction has revealed.

Only 16% of banks in the alliance have set overarching interim emissions targets for 2030 or sooner, leaving many flying blind in their commitment to meet net-zero by 2050. Even among those that have set interim targets, such as Nordea and NatWest, inconsistent methodologies behind targets makes them difficult to compare and benchmark. Comparisons are difficult due to banks setting different targets for different sectors, with only 14 of the banks having set methane targets, despite being a major source of greenhouse gas emissions. Sunak planning £40bn windfall tax grab - reports...