Finance Industry Climate Pledges Don’t Touch Oil and Gas: Report

Fewer than half of 150 major financial institutions have restricted their business with the oil-and-gas sector, even though many of them have made high-profile pledges to reduce their contribution to climate change, according to new research by the Paris-based nonprofit Reclaim Finance.

The analysis, called the Oil and Gas Policy Tracker, looked at governance policies at 60 banks, 60 investment institutions and 30 insurers. Of the whole group, 74 belong to the Glasgow Financial Alliance for Net Zero , an initiative that requires members to end their contribution to global heating by mid-century. More than half of the companies—including 20 of the ...