Santander ‘quietly dilutes’ targets to cut emissions in oil and gas financing

Santander UK has revealed a hike in annual profits despite putting by another £183 million to cover costs of the motor finance mis-selling scandal and warned over further cost cutting over the year ahead (Alamy/PA) -

Shareholder activists have criticised Santander for “quietly diluting” targets to cut planet-heating emissions driven by the financing of fossil fuel and aviation firms.

The banking group said it had updated its climate alignment targets to reflect the “real pace of transition” to a greener future.