Banks Fueling Green Claims Back Fire, Says Study

A new report says that most big banks are helping companies sell “green” steel that still hurts the planet. The study looked at 20 of the world’s biggest lenders and found that only one—Lloyds—avoids this problem. The rest are backing projects that use tricks like cutting down iron ore with natural gas or adding hydrogen to blast furnaces. These tricks may keep the old, dirty ways alive and even cause forests to disappear. The researchers call these tricks “false solutions. ” They argue that the money is simply moving the same pollution around, not stopping it.When a bank puts cash into a plant that still burns coal or releases methane, the climate gains nothing. This raises a big question: Are banks really doing their part to help the planet? If they keep funding projects that only look green, people will think the world is moving forward while it isn’t. The report suggests banks should stop supporting these projects and instead put money into truly clean technologies—like electric steel mills or carbon capture. Only then can the promise of low‑carbon steel become real, not just a marketing slogan.