Investor alliance calls for banks to cease fossil fuel financing

‘Talking the talk must be replaced with walking the walk’

An investor alliance representing $11trn of assets under management (AUM) has called on the world’s largest banks to align their financing with net zero targets.

The Institutional Investors Group on Climate Change (IIGCC) has developed a set of investors expectations for the banking sector to enhance its 2050 net zero efforts, scale up green finance and withdraw from projects which fail to meet Paris Agreement goals. IW Long Reads: No Time To Waste - Are We Doing Enough To Meet The Paris Agreement Goals? Since the Paris Agreement, the world's 60 largest banks have provided $3.8trn of financing for fossil fuel companies, with 2020 levels higher than those in 2016. As part of the new expectations, Aligning the Banking Sector with the Goals of...