The climate transition plans of Europe’s 20 biggest banks are “not fit for purpose”, with only two banks scoring above 50 out of 100 for their climate strategies, according to new research published today by non-profit Reclaim Finance.

DZ Bank refuted the findings of Reclaim Finance’s study…

Santander said in an emailed statement that it has set emission reduction targets for 2030 across a range of material emitting sectors…

The top 20 banks based on total assets analysed by Reclaim Finance’s research include: Barclays, BBVA, BNP Paribas, BPCE Group, Crédit Agricole, Crédit Mutuel, Deutsche Bank, DZ Bank, HSBC, ING, Intesa Sanpaolo, La Banque Postale, Lloyds Banking Group, NatWest, Rabobank, Santander, Société Générale, Standard Chartered, UBS, and UniCredit…

All banks mentioned in this article were contacted for comment. In a statement sent to The Banker, Groupe BPCE said Reclaim Finance’s analysis and figures do not reflect the reality of its commitments and public data, and noted “omissions and oversights”…

Crédit Agricole and Barclays declined to comment on Reclaim Finance’s report. Crédit Agricole says it regularly and transparently publishes updates on its climate transition plan, which is monitored at the highest level of the company’s governance.

As a co-operative bank, Rabobank, said it is committed to supporting its customers and promoting renewable energy.