Today @MarkJCarney launches the Net Zero Banking Alliance.

But hang on, haven’t lots of banks already committed to net-zero? Yes
So what’s different? Glad you asked...

A THREAD! https://www.theguardian.com/business/2021/apr/21/leading-finance-firms-sign-up-to-mark-carney-forum-on-low-carbon-investment

All that glitters is not gold! Don’t be fooled by the greenwash. The guidelines make no mention of ending finance of coal, other extreme fossil fuels, and oil and gas. This is not the climate leadership we need from @MarkJCarney

This actually just provides a cover for banks to hide behind, and undermines some best practice already happening in the sector in Europe. Awkward for @jpmorgan and @GoldmanSachs who couldn’t even clear this low bar.

What is meant to be a #RacetoZero is actually more like a dawdle. Banks have 3 years to set *all* their targets for 2030, and a further year to come up with a plan to reach them. We need fossil fuel phase-out targets YESTERDAY.

The guidelines only make it mandatory for banks to look at lending, not underwriting. Banks provide just as much fossil fuel financing through underwriting as they do through lending. Some banks have already included underwriting in their climate commitments so this is step back.

. @D_Barmes nails it
“More voluntary alliances filled with greenwashing offenders is not enough. We need urgent action from central banks to ensure the financial system is aligned with the legally binding enviro targets governments have committed to.” https://www.ft.com/content/77a8292d-2e7f-43a1-9062-2e639c1e6b2a

. @AdamMcGibbon says "This is the European Super League of the banking world - disappointing and infuriating...if banks care about climate, they need to spend less time with lip-service initiatives, and more time setting out their plans for rapidly getting off fossil fuels."