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The United Nations Sustainable Development Goal 13 Climate Action and Efforts of UK Banks Toward a Low Carbon Economy?

Author

Listed:
  • Wesley L. Harris

    (Department of Aeronautics and Astronautics, Massachusetts Institute of Technology, 77 Massachusetts Avenue, Cambridge 02139, MA, USA)

  • Jarunee Wonglimpiyarat

    (Department of Aeronautics and Astronautics, Massachusetts Institute of Technology, 77 Massachusetts Avenue, Cambridge 02139, MA, USA)

Abstract

Banks are increasingly motivated to align their business operations with the United Nations Sustainable Development Goals (SDGs) as this can help them attract investors and build a more loyal customer base in the long run. This paper explores whether major UK banks (HSBC Holdings Plc, Lloyds Banking Group Plc, Barclays Plc, Standard Chartered Plc, and NatWest Group Plc) are increasing their involvement in green banking by transitioning away from fossil fuels. The research gathered expert and policymaker views on decarbonization (reducing carbon footprint) at the Scotland Policy Conference UK in 2022 to support its findings. The results reveal slow progress toward a green banking regime, as the banks continued underwriting fossil fuel IPOs and bond issuances, and funding carbon-intensive industries. Their portfolios primarily consist of fossil fuel projects, with implications for insufficient effort toward meeting UN SDGs related to global climate commitments. The study proposes a policy recommendation: governments should introduce regulations requiring banks to develop a minimum percentage of financial products and services designed to support SDG-related activities, fostering a low-carbon economy.

Suggested Citation

  • Wesley L. Harris & Jarunee Wonglimpiyarat, 2024. "The United Nations Sustainable Development Goal 13 Climate Action and Efforts of UK Banks Toward a Low Carbon Economy?," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 21(07), pages 1-24, November.
    • Handle: RePEc:wsi:ijitmx:v:21:y:2024:i:07:n:s0219877024500536
    DOI: 10.1142/S0219877024500536
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