Banks are under fire for failing to live up to commitments under the Glasgow Financial Alliance for Net Zero (GFANZ), aimed at speeding up the net-zero transition, and continue to invest heavily in fossil fuel projects, according to a report published this week by Reclaim Finance, a Paris-headquartered NGO.
Since joining the alliance, 56 of the biggest banks in the Net-Zero Banking Alliance (NZBA), part of GFANZ, have provided $270bn to 102 “major fossil fuel expanders”, via 134 loans and 215 underwriting transactions, suggested the analysis.
