Another group of over 130 banks including Deutsche Bank (DBKGn. Less than half the world’s 50 largest banks have made promises to respond to climate change and cut financing for fossil fuels, according to the World Resources Institute (WRI). Its Green Target Tool showed 23 out of the 50 banks had invested nearly twice as much on fossil fuel finance as on sustainable projects between 2016 and 2018. The report also found that only four of the top 20 biggest banks, including JPMorgan Chase & Co (JPM.N) and Citigroup (C.N), were committed to reducing their carbon footprint. WRI's head of sustainable investing, Giulia Christianson, said if banks were serious about sustainability they would have changed how sustainable commitments compared with fossil fuel investments.
Less than half the world’s 50 largest banks have made promises to respond to climate change and cut financing for fossil fuels, according to the World Resources Institute (WRI). Its Green Target Tool showed 23 out of the 50 banks had invested nearly twice as much on fossil fuel finance as on sustainable projects between 2016 and 2018. The report also found that only four of the top 20 biggest banks, including JPMorgan Chase & Co (JPM.N) and Citigroup (C.N), were committed to reducing their carbon footprint. WRI's head of sustainable investing, Giulia Christianson, said if banks were serious about sustainability they would have changed how sustainable commitments compared with fossil fuel investments.