New research from responsible investment campaign group, ShareAction, says many European banks retain significant investment in highly polluting, carbon intensive oil sands and have “weak and ineffective policies” for phasing out related finance, despite putting out net-zero CO2 environmental plans.
Barclays, HSBC and Credit Suisse, were highlighted in the report, titled: High Risk, Low Reward as among the worst offenders. They are accused of being the only European banks to have continued participating in debt financing deals with Canadian oil sands ‘upstream’ exploration/extraction companies since the signing of the Paris Agreement.
ShareAction says all three banks also fund TC Energy and Enbridge, the two companies building the controversial Keystone XL and Line 3 Replacement pipelines.
In terms of climate-related strategies, the report says Barclays and Credit Suisse have two of the weakest, with no corporate or asset-level exclusions…