Goldman Sachs - By downgrading its restrictions on the direct financing of Arctic oil projects, new thermal coal mines, and new coal-fired power plants, Goldman Sachs has traded transparency for uncertainty. While it will continue to conduct due diligence in these areas, the exact borders of its risk appetite are unclear.

HSBC - HSBC has significantly weakened its controls on oil & gas companies, changed the standards it uses to engage with thermal coal clients in ways that make them less clear, and diluted the ambition of its decarbonisation targets. It has also expanded its discretion in relation to its risk management policies across oil, gas, and thermal coal. 

NatWest Group - NatWest Group has abandoned some of the most material elements of its oil & gas restrictions and failed to provide adequate transparency while revising its climate targets. The changes made by the bank to its risk acceptance criteria for oil & gas clients removes constraints on the largest fossil fuel companies.

JP Morgan - By removing its restrictions on thermal coal and Arctic oil & gas, we believe JPMorgan Chase has traded transparency for ambiguity. While the bank states that it will assess financing for these sectors on a case-by-case basis going forward, the limits of its risk appetite are now unclear.