World Benchmarking Alliance Finds Major Financial Institutions Lack Credible Climate Transition Plans
sustainableviews.comA recent report from the World Benchmarking Alliance reveals a significant gap in climate action within the financial sector. Only two out of 400 major financial institutions have established credible commitments to phase out fossil fuels, highlighting a widespread failure to set concrete allocation targets. This lack of transparency and planning occurs despite IEA estimates that global clean energy investment must reach 4.5 trillion dollars annually through the 2030s to meet climate goals. The findings suggest that financial systems are not yet aligned with the scale of decarbonization required.
