Banks Vs. The Paris Agreement 2017 Report

ShareAction also publishes the banks` different scorecards and makes recommendations to each bank. The climate commitments made by some banks since the close of the survey will not be reflected in the assessment. For banks, the “yes” to the Paris agreement must mean “no” to the designers of coal-fired power plants. Browse to show which coal-fired power plant developers are supported by which banks or banks have funded some coal-fired power plant development companies. Most of these Asian financial flows have remained within national borders, with banks in a given country mainly used to finance coal-fired power plant developers in the same country. It should be noted, however, that this financing, given the international activities of many of these companies, is fuelling global coal development. For more information, please contact: Yann Louvel, BankTrack: yann@banktrack.org, `33 688 907 868 Heffa Schuecking, urgewald: heffa@urgewald.org, `49-160-96761436 Editor`s Notes: 1. For the list of the 120 best developers of coal-fired power plants, see coalexit.org/database 2. The nine Western banks that increased their financing for coal-fired power plant developers between 2015 and 2016 are Barclays, BNP Paribas, Citi, Crédit Agricole, ING, JPMorgan Chase, Societe Generale, Standard Chartered and UBS. Despite some significant progress made in recent years by a number of major banks that have made public commitments in various ways to reduce their financing for coal energy companies, significant financing is still under way for the development of coal-fired electricity. However, as this new dataset shows, banks are still a long way from closing their doors to the 120 coal-fired power plant developers, who pose the main threat to the climate. 19 of Europe`s 20 largest banks provided information to ShareAction, which they then assessed on their performance in the fight against climate change. The aim of the study is to highlight the progress that banks have made on this issue since 2017, when the last survey was conducted.

The average value of this survey is only 39.9%, while BNP Paribas is at the top of the ranking with 63.2%. The banks at the bottom of the ranking, including italy`s Intesa Sanpaolo, show little evidence that the adverse effects of their climate activities are being made possible. No bank in the top category “Best Practices.” The overall poor performance of this survey should be a real concern for shareholders, customers and regulators: the failure to meet climate targets will exacerbate the effects of climate change, including increased droughts, floods and extreme weather events, as well as sea level rise.