European banks risk jeopardising the path to net-zero carbon emissions and the growth of renewable energy unless they stop directly financing new oil and gas fields this year, investors managing assets worth more than $1.5 trillion said on Friday.
"Investors are putting these banks on notice that they will face ever increasing pressure if they don’t act soon to reverse their financing of new oil and gas," Jeanne Martin, ShareAction's Head of the Banking Programme, said.
"This includes many oil and gas companies that are actively engaged and critical to the transition," the spokesperson said, adding Barclays was lowering its financed emissions from energy.
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