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WRI DIGEST
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Banks Have Committed to Net Zero but Aren’t on Track to Reach It ( [link removed] )
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Banks have made headlines ( [link removed] ) in recent years for pledging to help tackle the climate crisis. While they don’t emit many greenhouse gases on their own, banks do finance industries that are rapidly warming the planet — from investing in coal-fired power plants to financing businesses that drive deforestation. That means they can play an essential role in halting climate change by withholding finance from high-emitters and directing more money to green solutions.

The problem is that many banks aren’t living up to their climate pledges. WRI experts analyzed 25 banks’ net-zero commitments and found that, not only are they not aligned with global climate goals, but banks aren’t even on track to meet their targets. Read more ( [link removed] ).

canary_wharf ( [link removed] )

Pedestrians stroll along Canary Wharf in London’s financial district. Banks are key players in financing the world’s low-carbon transition, but so far, many aren’t living up to their own climate commitments. Photo by eye35/Alamy Stock Photo

ev_truck ( [link removed] )

Photo by Imaginechina Limited/Alamy Stock Photo

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Lessons from China’s Growing Shift Toward Zero-emission Trucks ( [link removed] )
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Transitioning the global trucking industry from polluting, diesel-burning trucks to clean zero-emission vehicles will be a challenging feat. Electric trucks are expensive to buy and operate, heavy batteries mean they can’t carry as much cargo, and charging infrastructure along long-haul routes is still scarce. But one province in China that leads the country in zero-emissions truck adoption is showing how it can be done. Read more ( [link removed] ).

fossil_fuel ( [link removed] )

Photo by Cindy Shebley/iStock

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The State of Clean Energy in the US ( [link removed] )
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During the first half of 2024, electricity demand in the U.S. saw its biggest year-over-year increase in decades ( [link removed] ) , not least due to record heat driving up air conditioning use and new data centers devouring energy. The good news is that most new power plants now use renewable energy, chiefly solar. But fossil-fuel plants are still being built. And the U.S. faces significant hurdles transitioning the rest of its grid to clean energy. Read more ( [link removed] ).

flooding ( [link removed] )

Photo by H M Shahidul Islam/iStock

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What Climate-vulnerable Countries Need Most ( [link removed] )
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New research ( [link removed] ) shows that African countries spend up to 9% of their GDP, on average, responding to extreme climate impacts like floods ( [link removed] ) and drought. Around the globe, countries that did the least to cause the climate crisis are bearing its worst effects with the fewest resources to address them. As the world prepares for the annual UN climate summit (COP29) this November, WRI experts unpack four things that climate-vulnerable countries urgently need from the international community to help bridge this gap. Read more ( [link removed] ).

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READ MORE EXPERT INSIGHTS ( [link removed] )
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VITAL VISUALIZATIONS
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banking on climate ( [link removed] )

Source: Company reports, Banking on Climate Chaos report, and WRI authors' calculations.

According to the International Energy Agency, banks need to rapidly increase finance for clean energy and decrease finance for fossil fuels, reaching a 10-to-1 ratio of green to fossil finance by 2030. But despite big commitments, new research ( [link removed] ) from WRI shows banks are far off track: The current ratio is just 1.3-to-1.

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SOCIAL HIGHLIGHT
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book giveaway ( [link removed] )

This summer, WRI experts shared their favorite thought-provoking reads on climate and the environment. Now, you can enter our giveaway for a chance to win five books of your choice from the list. Learn more and enter on Instagram ( [link removed] ) or LinkedIn ( [link removed] ).

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UPCOMING EVENTS
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*Reaching Net Zero: The Power of Aligning NDCs with Long-term Strategies* ( [link removed] )

September 9, 2024
8:00 AM - 9:30 AM EDT, Online

*Exploring the Policy Landscape of Carbon Dioxide Removal* ( [link removed] )

September 12, 2024
3:00 PM - 4:30 PM EDT, In Person and Livecast

*Understanding the Role of Carbon Dioxide Removal in Long-term Climate Planning* ( [link removed] )

September 17, 2024
10:00 AM - 11:15 AM EDT, Online

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