The banking and financial services industry has been ranked as the worst performing industry for its environmental, social, and governance (ESG) approach and ability to measure, reduce, and track Scope 3 CO2 emissions. The ET Global 800 Carbon Ranking Report and the Banking on Climate Chaos Report 2021 have highlighted the need for the sector to "clean up its act" and adopt meaningful action plans to replace distant net-zero promises with realistic goals. The European Union's market watchdog has announced the development of a legal definition for "greenwashing" to underpin its enforcement. It is time for the sector to seriously start incorporating ESG into their vision and to accelerate the transition to a more sustainable future.
