Bank lobbying on climate doesn't match green goals — report
The climate lobbying efforts of major banks do not align with — and sometimes directly contradict — the global decarbonization goals they have committed to support.
So says a report released Thursday by the environmental nonprofit Ceres. The group examined more than a dozen banks’ climate lobbying practices to see how they compare to the industry’s splashy climate goals. The report concluded there are “significant inconsistencies” between the firms’ public climate statements and their engagement on climate policy behind closed doors.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”