The CO2 emissions financed by banks and asset managers in the United Kingdom are almost double those rejected by the country, says Tuesday a study by WWF and Greenpeace which calls on London to demand more efforts from the sector. “
The financial sector will play a vital role in determining whether the world will successfully transition to a sustainable low-carbon economy
,” the study said. "
To date, neither the government nor any regulator has taken adequate steps to tackle the problem of global emissions financed by private financial institutions in the UK and ensure that they align their activities with ambitions.
" of the country, namely carbon neutrality by 2050, she adds.
"
Our results show that the CO2 emissions associated with the financial companies analyzed amount to 805 million tonnes
", with just over half for banks, the rest for asset managers, according to their published data. from 2019, specify WWF and Greenpeace. This represents "
almost 1.8 times the emissions produced inside the United Kingdom
", details the study. This is more than the emissions of Germany and Canada, notes the study, and a little less than those of Iran, the 8th country emitting the most CO2.
The study covers 15 banks and ten asset managers that are present in the UK but not all UK institutions. The City is the district of London where the headquarters of most of the major banks established in the United Kingdom are located, but the term frequently refers to the entire financial sector of the country. The study does not include insurance and therefore says largely undervalues the carbon footprint of British finance, which they believe should be considered a high carbon sector "such as the oil, mining, aviation, etc. sectors. .
"
Instead, some banks and financial institutions are making voluntary commitments to reduce their CO2 emissions, many of which have turned out to be 'greenwashing'
" and are insufficient, the study continues. “
Planning a transition to carbon neutrality without considering the financial sector is like putting a bandage on a patient who needs open heart surgery,
” says Tanya Steele, executive director of WWF. She calls on the British government to "
show the way
" as it organizes for November in Glasgow the next big international environmental meeting, the COP26, by demanding "
financial institutions to have a plan to achieve carbon neutrality including their investments
”.
A spokesperson for the UK Finance industry association responded to the study by assuring that “
lending institutions take their responsibilities to society very seriously and, alongside the government and the Bank of England, play a role. predominant role in the transition to carbon neutral finance
”. The association recalls that last month major players in the financial sector displayed their ambition to achieve carbon neutrality by 2050, forming the Net Zero Banking Alliance, chaired by the former Governor of the Bank of England Mark Carney, who became the UN special envoy for the climate and one of the organizers of COP26.
