Banks Are Falling Short on Climate Targets, Investor Group Says

The world’s biggest banks are coming up short in their efforts to rein in global warming, according to an investor group representing more than $50 trillion of assets.

The study assessed the climate policies of 27 banks from North America, Europe and Asia. It found that they aren’t doing enough on each of the six indicators assessed -- commitments to reach net zero by 2050, short and medium-term targets, decarbonization strategies, climate governance, climate policy engagement, and auditing and accounting.

The banking sector must “substantially accelerate” its decarbonization efforts to align with the target set by the Paris Agreement, said ...