Leading banks in Europe 2020, by fossil fuel policy score
Despite growing pressure on governments and banks to focus energy financing towards greener paths, some of the world's biggest banks have continued to increase their financing into companies active in the fossil fuel life cycle. In a 2021 report released by the Rainforest Action Network (ran.org), 60 of the world's largest banks put approximately 3.8 trillion U.S. dollars into financing fossil fuel companies between 2016 and 2020.
The bank policy score looks at how well each of the banks included have climate policies in alignment of the Paris Agreement. Banks were scored out of 200 on their policies to both end the financing of fossil fuel expansion and the phasing out overall of fossil fuel financing. Even the Italian banking giant Unicredit, whose bank policy score was higher than any of the other European banks included, was far below aligning with the goals set in the Paris Agreement. The total value of financing to fossil fuel companies by 17 of Europe's largest banks in 2020 came to nearly 190 billion U.S. dollars.
The bank policy score looks at how well each of the banks included have climate policies in alignment of the Paris Agreement. Banks were scored out of 200 on their policies to both end the financing of fossil fuel expansion and the phasing out overall of fossil fuel financing. Even the Italian banking giant Unicredit, whose bank policy score was higher than any of the other European banks included, was far below aligning with the goals set in the Paris Agreement. The total value of financing to fossil fuel companies by 17 of Europe's largest banks in 2020 came to nearly 190 billion U.S. dollars.
