Big banks spurn calls to cut off major polluters - reports

Companies in no position to 'dictate winners and losers'

Leading banks and insurers have rejected widespread calls to stop working with companies recognised as major polluters – with one banking behemoth declaring it was not its job to "dictate winners and losers".

Speaking during a climate change debate at the World Economic Forum in Davos on Tuesday (21 January), the leaders of major financial institutions, including Citibank and AIG, spurned suggestions they were not taking enough action on climate-related issues - but were adamant they should continue working with corporations known to be big polluters, the Financial Times reported. According to the report, Mike Corbat, chief executive of Citibank, said it was not the job of banks to make companies adopt environmentally friendly models by cutting off finance for polluting businesses. MSCI ca...