Only 2% of financial institutions disclose financing to low-income countries

COP27

Research by the World Benchmarking Alliance (WBA) shows only 2% of financial institutions disclose the proportion of their assets allocated to low-income countries, demonstrating a lack of transparency and impeding scrutiny of the lack of progress.

The findings follow "a dramatic withdrawal of assets from these areas" and "need urgently addressing", the alliance said. The WBA's research follows a study commissioned by the governments of Egypt and the UK that shows emerging and developing countries, excluding China, need more than $2trn a year in investment from 2030 to meet the goals of the Paris Agreement. Majority of banks failing to set sufficient carbon reduction targets A total of 400 banks, asset owners, asset managers and insurers were assessed on their contribution towards a just and sustainable economy through its Fi...