The Bank of England has been accused of paying lip service to climate change after failing to take action internally while ordering banks to step up their efforts to tackle global warming.
Campaigners said that the Bank was wasting valuable time by delaying the overhaul of its £20 billion corporate bond portfolio, which includes the debt of the oil producers Shell and BP.
The Bank has admitted that the portfolio is aligned with global warming of 3.5 degrees celsius above pre-industrial levels this century. The Paris agreement aims to keep warming well below 2 degrees and the UK has committed to net-zero emissions by 2050.
“If they are serious about carbon-reduction plans, the bond portfolio is low-hanging fruit compared with net zero,” Fran Boait, executive
Credit: Source link