Banks far from hitting Paris climate targets, groups warn

By ED DAVEY
Associated Press

A new report by says many of the world’s biggest banks are falling far short of aligning their practices with the Paris Agreement goal of limiting the Earth’s warming to 1.5 degrees Celsius above pre-industrial levels. The evaluation of 27 giant banks, obtained by The Associated Press, was carried out by a group of institutional investors that manage assets worth more than $50 trillion. It finds most banks are failing to set adequate targets for cutting the carbon emissions released by companies they lend to. Not one bank has vowed to end backing for new oil and gas exploration.