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Despite net-zero pledges, banks used $750 billion to finance fossil fuels in 2020

GreenBiz

Despite net-zero pledges, banks used $750 billion to finance fossil fuels in 2020. Net-zero commitments may have ricocheted across banking sector over the last 18 months, but big banks' attestations of climate concern did not stop many from expanding financing for the world's top fossil fuel firms during the pandemic year.

Net Zero 398
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Use of Employee Incentives to Hit Climate Goals More than Doubles Over Past Year: Accenture

ESG Today

While companies are increasingly adopting emissions reduction measures, however, the report found that less than one in five are on track to hit net zero emissions in their operations by 2050. over the prior year, after growing from 27% in 2021. over the prior year, after growing from 27% in 2021.

Net Zero 118
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Fossil fuel expansion will be the litmus test for banks’ net-zero promises

Corporate Knights

Many of the world’s biggest banks face the enormous challenge of realigning their entire loans and investment operations in the coming years to put themselves on a credible path to achieve net-zero carbon emissions by 2050. “We Ultimately, best practices come down to are we seeing year-over-year changes in their capital flows?”.

Net Zero 246
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Over 75% of Companies Have Cut Emissions Intensity Since Paris Agreement: Accenture

ESG Today

For the study, Destination Net Zero, Accenture examined the 2,000 largest public and private companies by revenue globally, analyzing their net zero commitments, decarbonization levers and track records of reducing operational Scope 1 and 2 greenhouse gas emissions.

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Investors crank up the heat on bank fossil fuel financing

Corporate Knights

According to a new report, just 7% of bank funding has gone towards renewable energy between 2016 and 2022 , while the world’s banks continued to plow trillions of dollars into fossil fuel expansion. “The total amounts of clean energy financing in these years remained abysmally low: US$23.2 billion in 2016 and $34.5

Banking 350
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Bank financing for fossil fuels dips second year in a row

Corporate Knights

trillion in financing to the fossil fuel industry in the eight years since the Paris Agreement was signed, according to a comprehensive new report. trillion in financing for new fossil fuel expansion projects, investments that put the net-zero goal of the Paris Agreement in jeopardy. This sum includes US$3.3

Banking 220
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Consumers Are Willing To Pay for Sustainability – Are Businesses Doing Their Part?

3BL Media

While consumer action is helpful, climate experts say the actions of businesses are far more important in reducing carbon emissions to meet the ambitious targets set by the Paris Agreement in 2016 (45% reduction by 2030 from 2010 levels and net zero by 2050).