Extinction Refinancing: Banks are the next generation of climate activists withholding funding for carbon-heavy businesses

May 11, 2021 - City AM

Banks are unlikely to be the first group that comes to mind when thinking of climate activists. Although there is now immense and growing pressure on every area of the financial community to drive down emissions and lead the transition to a low-carbon economy, banks often seem to face the most scrutiny.

A massive 92 per cent of businesses, however, say they have been influenced to act sustainably by their banks, according to research by Addelshaw Goddard. They have more sway than regulator...