INDUSTRY X . 0
“ The workforce data you gather to enable all this will help demonstrate a contribution to your businesses ' emission reduction program – or could even form the basis of starting one if you have not already .”
Vital banks ‘ held to account ’ with emissions targets ShareAction ’ s recently published report found 25 banks that signed up to reduce emissions as part of the Net-Zero Banking Alliance have provided $ 33bn (£ 24bn ) in loans and other financing to 50 companies with large oil and gas expansion plans .
This is despite the publication of an IEA report last May that said there should be no investment in new oil and gas fields in order to have a 50 % chance of capping global warming at 1.5C above the pre-industrial average .
Elliot Coad , CEO and co-founder of Ecologi , the subscription-based carbon offsetting platform , said ShareAction ’ s findings are “ as unsurprising as they are damning ”.
“ Despite being one of the four founders of the Net-Zero Banking Alliance and sponsoring key events like the Net Zero cohort at Tech Nation , the UK ’ s leading tech accelerator , BNP Paribas topped the league tables for fossil fuel investments in all 12 months of last year ,” he said . “ They , like other major banks , purport to have progressive environmental policies in place – yet these investments , which continue to increase at an alarming rate , indicate otherwise .”
BNP Paribas Asset Management says its aim is to achieve “ long-term sustainable investment returns for our clients ” and knows that “ sustainable investment is no longer an option , but a necessity ”.
Coad said it is vital institutions are held to account and this posturing is called out “ precisely for what it is : greenwashing ”.
“ By failing to do so , banks and other major corporations will continue to provide enormous amounts of funds toward fossil fuel extraction - not only causing devastating harm to the planet , but also misleading their investors , shareholders and the millions
50 April 2022