The data, produced for Sierra Club, Fair Finance International, BankTrack and Rainforest Action Network, indicates major failings by financial institutions to help meet global commitments on net zero emissions by 2050.

This is despite that fact that many of them are part of the UN-convened Net-Zero Banking Alliance which commits to aligning their lending and investment portfolios with net-zero emissions by 2050.

According to the industry-led Glasgow Financial Alliance for Net Zero (GFANZ), low-carbon energy investments need to account for at least 80 per cent of energy investments compared to fossil fuels (4:1) by 2030 to reach climate goals.

“Many banks claim that they continue to provide financing for fossil-fuel clients in order to help those clients in their climate transition,” said Adele Shraiman, campaign representative with the Sierra Club’s Fossil-Free Finance campaign.

“This data calls into question that claim, and gives proof that banks must...