ShareAction writes to banks on sustainable finance

ShareAction has written to the CEOs of the 20 largest banks in Europe, urging them to set targets based in science to show how they are funding sectors that are crucial to net-zero transition. The charity has previously criticised banks for having low-ambition and incoherent climate targets and says investors now want banks to be clearly showing how they will finance sectors such as renewable energy. The letters call on each bank to:

• provide a clear and robust methodology;
• set sectoral targets;
• ensure sustainable finance targets and decarbonisation targets are consistent and comparable;
• show the impact of targets’ and
• complement these with robust sector policies.