Development banks ‘cutting renewable investment despite climate crisis’

Christian Aid says institutions such as the World Bank are not in line with the Paris Agreement goal of keeping global heating to 1.5°C

Banks worth $47tn adopt new UN-backed climate principles

They represent around one third of the entire global banking sector

India’s publicly owned banks ‘favour coal lending over renewables’

The Centre for Financial Accountability said coal received $9.4bn last year, compared to clean technologies receiving $3.5bn

Major European banks pilot energy efficiency mortgages

Under such schemes, buyers can get reduced interest rates on their mortgages for greener and more energy efficient homes

Banks publish plan to help understand climate impacts

They aim to help other banks be more transparent about their exposure to climate-related risks

Emerging economies ‘making significant progress in green lending’

Emerging markets have become a “major force” in driving climate change with reforms to expand sustainable lending. That’s according to the Sustainable Banking Network, an International Finance Corporation (IFC)-supported organisation of banking regulators and associations, which suggests 34 countries have initiated banking reforms. They account for $42.6 trillion (£31tn) in bank assets – more than […]

Less than half of banks ‘taking climate change seriously’

Less than half of the world’s biggest banking groups have carried out a scenario analysis for if global temperatures rise by more than 2°C. That’s according to a new report from Boston Common Asset Management, based on a survey of 59 financial institutions. It suggests the majority of banks are failing to successfully integrate climate […]

Leading banks to work with UN to promote climate transparency

A total of 11 leading banks representing more than $7 trillion (£5.4tn) in capital are to work with the UN to promote climate transparency in financial markets. The group, which includes Barclays, Citi, Royal Bank of Canada, Santander and Standard Charter, will adopt the recommendations of the Mark Carney-Michael Bloomberg Task Force on Climate-Related Financial […]

Banks ‘invested $290bn in extreme fossil fuels since 2014’

In the last three years, global banks have directly or indirectly invested $290 billion (£227.8bn) in extreme fossil fuels. That’s according to a new report from the Rainforest Action Network (RAN), which says the financing of the most carbon intensive, financially risky and environmentally destructive parts of the sector is at odds with reaching international […]

New €400m financing for Turkish green energy

A London-based bank is to provide €400 million (£340.2m) of financing to support Turkish green energy projects. The European Bank for Reconstruction and Development (EBRD) will provide the money through the third round of its Turkey Sustainable Energy Financing Facility (TurSEFF). It previously only helped small and medium-sized enterprises (SMEs) improve their energy and resource efficiency but […]