Published on 10 Apr 2024 on CNN Business via Yahoo Finance

Banks say they’re meeting climate pledges. A new report says they’re ineffective

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The biggest banks in the world have pledged to go green. But a new study, published by the European Central Bank, has found that those promises often amount to more talk than walk.

What’s happening: Just over two years ago, the world’s largest lenders and asset managers gathered in Glasgow and pledged to spend a collective $130 trillion (that’s nearly five times larger than the US economy) to tackle climate change. What emerged was the Glasgow Financial Alliance for Net Zero (GFANZ) – now made up of 675 financial powerhouses spanning 50 countries.