BankTrack: Banks are failing to follow Equator Principles

Financial institutions under-reporting their sustainability credentials to evade investor scrutiny or regulatory requirements may be punished under existing regulations, according to a report by the board of the International Organisation of Securities Commissions (IOSCO).

The Net Zero Banking Alliance (NZBA) has seen its membership triple to 136 since it launched in 2021, with 90% of those required to set their initial targets already having done so ahead of a key targets deadline next year.

Greater investment in renewable energy is needed to support a newly agreed deal to triple renewables capacity and double energy efficiency by 2030 to align with the Paris Agreement goals, heads of state in attendance at COP28 have urged.