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New report finds UK financial institutions are responsible for 1.8 times the UK’s annual net emissions of CO2 Finance sector is driving the high carbon economy, yet there is currently no requirement for it to reduce its emissions in line with government targets – unlike other industries Greenpeace UK and WWF call for legislation to align the UK finance sector with the Paris Agreement A new report [1], published today (25 May 2021) by Greenpeace UK and WWF, finds that UK banks and asset managers were responsible for financing 805 million tonnes of CO2 in 2019, which would make The City of London the 9th biggest emitter of CO2 in the world if it were a country – ranked higher than Germany [2]. The new research points towards finance as one of the UK’s biggest contributors to climate change and supports calls for regulation to be introduced across the sector to bring it into line with Paris Agreement targets. 

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