(Tuesday 8th November) Today at COP27, the UN High-Level Expert Group on Net-Zero Commitments published a report calling for a crackdown on greenwashing practices.

Jeanne Martin, Head of the Banking Programme at ShareAction commented: "The UN High-Level Expert Group has sounded the alarm about companies' inadequate climate transition plans that allow for continued massive fossil fuel expansion and include weak climate targets.

ShareAction recently found that most targets set by the largest members of the Net-Zero Banking Alliance fail to capture the bulk of their fossil fuel financing and rely excessively on intensity metrics that mask emissions continuing to grow in absolute terms.

We expect banks that are serious about their net-zero pledges to act on the UN's recommendations – or face possible shareholder rebellions at their 2023 Annual General Meetings."