Global banks' new decarbonisation initiative at COP26 is a step backwards

It wouldn't make sense to abruptly forbid lending to non-green projects now, since the world needs to avoid hitting hardest banks most involved in carbon-heavy sectors.

Over 450 of the world’s banks have committed to a new initiative at the COP26 UN Climate Change Conference which is designed to decarbonise their investments. Overseen by former Bank of England supremo Mark Carney, the banks and other financial institutions signing up to Gfanz (the Glasgow Financial Alliance for Net Zero) are pledging to report annually on the carbon emissions linked to the projects they lend to.

They are also aiming to provide trillions of dollars in green finance, while committing to net zero emissions across the board by 2050. Major