Lloyds Banking Group announced a new commitment to stop funding new oil and gas projects, becoming the first UK bank to do so. The new commitment was unveiled in the bank’s updated “External Sector Statements,” which outlines the company’s policies and approaches to various high impact sectors, related to climate change risks, opportunities and risk management. Lloyds is a member of the Net Zero Banking Alliance, a group of banks committed to aligning their lending and investment portfolios with net-zero emissions by 2050.

Source: ESGToday