Letters to the CEOs of Europe's biggest banks over their sustainable finance targets

Last month, we published a report that analysed the climate targets of Europe’s 20 biggest banks. Today, we've written to the CEOs of all 20 of them.

In our report, we found that the current targets of top European banks, such as Barclays and HSBC, are not fit for purpose if we are to to achieve net zero by 2050.

Banks need to start setting sector-specific targets for sustainable finance that are grounded in science. This will allow them to show key stakeholders how they plan to shift financing away from fossil fuels, and toward critical sectors like renewable energy.

To try and influence and improve sustainable finance targets, we have sent letters to the CEOs of all 20 of these underperforming banks.

We've outlined how they can - and should - set more ambitious, transparent and coherent targets that will help them reach their net zero goals and meet commitments to protect people and the planet.