Lloyds says financial firms are taking the climate crisis seriously. Is this really the case?

The bank this morning releases research showing twice as many UK financial institutions consider environmental sustainability and tackling the climate crisis to be a top strategic priority compared to last year. But ShareAction says most banks are barely at the starting line when it comes to net zero, writes James Moore

The corporate colours of Lloyds are green but is the banking industry? (PA)

We’re taking the climate crisis seriously, says the financial services industry, the members of which are terribly fond of using pictures of forests on their websites to show just how jolly green they are. But is this really the case?

Lloyds Banking Group says financial firms are at least starting to get with the programme. The bank today releases research showing that twice as many UK financial institutions (59 per cent) consider environmental sustainability and tackling climate change to be a top strategic priority compared to a year ago (33 per cent).

More than two-fifths (43 per cent) are also planning to make their environmental sustainability goals more ambitious over the next 12 months. Nearly half (49 per cent) say the proximity of Cop26 – the United Nations climate change conference – in Glasgow this year has increased their focus on environmental sustainability.