Are Financial Firms Taking The Climate Crisis Seriously?

Lloyds Bank this morning releases research showing that UK financial institutions increasingly see tackling climate change as a strategic priority. James Moore examines the evidence

-  James Moore

“We’re taking the climate crisis seriously,” says the financial services industry, the members of which are terribly fond of using pictures of forests on their websites to show just how jolly green they are. But is this really the case?

Lloyds Banking Group says financial firms are at least starting to get with the programme. The bank today releases research showing that twice as many UK financial institutions (59 per cent) consider environmental sustainability and tackling climate change to be a top strategic priority compared to a year ago (33 per cent).

More than two-fifths (43 per cent) are also planning to make their environmental sustainability goals more ambitious over the next 12 months. Nearly half (49 per cent) say the proximity of Cop26 – the United Nations climate change conference – in Glasgow this year has increased their focus on environmental sustainability.

The findings are included in the bank’s sixth annual Financial Institutions Sentiment Survey, which gathers views from banks, asset managers, insurers and intermediaries. They are based on interviews with 111 “senior leaders”, conducted between 15 June and 19 July.