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The Guardian - UK
The Guardian - UK
Environment
Fiona Harvey Environment editor

Banks still investing heavily in fossil fuels despite net zero pledges – study

GFANZ Reclaim Finance LGIM Oil HSBC NZAM
An oil rig anchored in the Cromarty Firth, Invergordon.
An oil rig anchored in the Cromarty Firth, Invergordon. Banks still investing heavily in fossil fuels despite net zero pledges. Photograph: Jane Barlow/PA

Banks and finance institutions that have signed up to net zero pledges are still investing heavily in fossil fuels, research has shown, leading to accusations they are acting as “climate arsonists”.

The Glasgow Financial Alliance for Net Zero (GFANZ) initiative was launched by the former Bank of England governor Mark Carney, as one of the main UK achievements in hosting the Cop26 UN climate summit at Glasgow in 2021.

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