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As climate commitments among large financial institutions have rapidly become the new normal, so has the criticism of those targets. A Reclaim Finance report in January that revealed members of the Glasgow Financial Alliance for Net Zero (GFANZ) have continued financing fossil fuel expansion echoes a common refrain from the NGO and activist community: target setting is still disconnected from real-world financing and the ambition required to reach 1.5°C scenarios. Below, we share our latest insights on the state of play in climate targets among the world’s largest financial institutions, noting the ongoing tension between meaningful progress and persistent gaps in ambition and action.
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