set emissions reductions targets for 2030 for the power generation, commercial real estate, iron and steel, aluminium, and automotive sectors, with emissions intensity reduction goals ranging 31%-64%.
Credit Suisse already has a pledge in place to cut absolute emissions tied to loans to the oil, gas and coal sector of 49% by 2030, and on Tuesday said emissions from loans to those clients had fallen 64% by end-2022, although the numbers can fluctuate year to year.some restrictions on lending to companies involved in Arctic oil and gas, oil sands and deep sea mining.
Banks globally are unveiling targets for how they intend to align their businesses with the Paris climate agreement and reach net zero greenhouse gas emissions by 2050.
And this is one reason why they are most likely to be the next bank to go down. Spoiler alert: if enough banks go down they won’t be able to “backstop” them all. Better be care where you have your money.
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