Banks that have signed up to a global climate pledge, led by Mark Carney, a former governor of the Bank of England, can still invest unlimited amounts in coal mining and coal power, despite promises to tighten the rules on their lending.
Green campaigners have slammed the loopholes, uncovered by the Guardian, as “greenwashing”, after updated criteria for banks involved in the Glasgow Financial Alliance for Net Zero (GFANZ) were unveiled on Wednesday.
