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.
However, HSBC said in December that it would stop directly financing new oil and gas fields, joining other banks restricting asset financing, ShareAction noted.
A Barclays spokesperson said the bank believed it could make the greatest difference by working with customers and clients as they transition to a low-carbon economy. BNP Paribas said in an email that it had announced new targets last month to "accelerate the transition to a low-carbon economy", including endingCredit Agricole said it had already ended financing of new oil extraction projects and that it had a plan to reach carbon neutrality by 2050.
Deutsche Bank said it had "significantly reduced" its engagement in carbon-intensive sectors since 2016 and had agreed targets for reducing financed emissions by 2030 and by 2050.
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