Banking sector net zero targets smokescreen for business as usual

As the banking and financial sectors announce new ‘net zero’ initiatives to coincide with this week’s US-hosted Leaders’ Climate Summit, ActionAid warns against accepting the pledges at face value. 

Teresa Anderson, ActionAid’s climate policy coordinator, says: 

“Net zero pledges are creating a false sense of climate progress. Instead of radically reducing emissions and rapidly phasing out fossil fuels, most net zero targets rely heavily on carbon offsetting, unproven technologies and tree plantations so vast there isn’t enough land on earth to support them.

“It remains to be seen whether the financial sector is really willing to shake up the system that generates their fat pay cheques. Unfortunately, it’s all too easy to use the term net zero as a smokescreen to keep polluting and profiting at all costs.”

Ends.

For more information and interviews contact Jenna.Pudelek@actionaid.org or call +447795642990.