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New research finds that banks’ guidelines for green finance lack much needed clarity on steel decarbonisation, and often include environmentally and socially harmful solutions.
New analysis from BankTrack reveals that banks are at risk of delaying the global steel transition by allowing ‘green’ finance to flow to environmentally and socially harmful solutions. The report, Financing False Solutions in Steel Decarbonisation, and accompanying tracker, analyse the sustainable finance frameworks of 20 global banks.
Julia Hovenier, Banks and Steel Project Lead at BankTrack said:
“Global banks can use sustainable finance taxonomies as incredibly powerful tools. They decide where the billions of dollars pledged at international climate conferences will actually go. Our research shows that currently, there is a huge risk that money for green steel may actually end up going to projects that further lock us into fossil fuels, and keep our air, water and soil polluted.”
