What banks mean when they put trillions into ESG

Different interpretations: People walk past a COP28 sign in Dubai. Experts say an absence of a consistent methodology for ESG accounting raises fears of greenwashing. — AFP

Dubai: In recent years, many of the world’s biggest banks have published reports chronicling the vast sums they say they’re channelling into environmental and social activities. Now, senior people inside the industry are raising questions about those statements.

Banks including Morgan Stanley, HSBC Holdings Plc, Goldman Sachs Group Inc and JPMorgan Chase & Co have announced individual sustainable finance targets for 2030 that range from US$750bil to US$2.5 trillion.