State of transition in the banking sector 2024

The TPI Centre, based at the London School of Economics and Political Science, assessed the climate ambitions of 26 major international banks, ten US super-regional banks, and two custodian banks for the State of Transition in the Banking Sector 2024 report. Despite banks setting targets to tackle climate change, there remains a huge gap with the policies they are implementing to reach their goals. The banks are still in the early stages of the low-carbon transition, and the current ambition and scope of their actions remain insufficient to meet climate goals.

Results from our assessment of banks was presented, followed by a panel discussion, which covered:

• "Easy wins” that banks can implement to start off their climate strategies
• Trends and challenges in emerging markets
• Impediments to transition finance
• Steps needed to create a dialogue among the relevant stakeholders to accelerate the net zero transition