By Yann Louvel, on Apr 8, 2013. Climate and Energy Campaign Coordinator for the BankTrack network.
Last week, Bloomberg published the results of its third annual ranking of the “world’s greenest banks”: Citi was ranked first, followed by Santander and JPMorgan. The study assesses banks based on their lending to clean-energy projects and reduction in their own power consumption and carbon footprints. However, banks’ support for dirty energy, such as fossil fuel and nuclear power, is notably absent from Bloomberg’s methodology. When the value of banks’ finance for fossil fuels so often dwarves their investments in renewables, Bloomberg’s data does not even tell half of the story.