SANTANDER advertising at bus stops in Glasgow has been plastered with posters targeting the bank's involvement with fossil fuels ahead of COP26.
The stunt - carried out by climate campaigners BankTrack - comes amid growing criticism of banks’ greenwashing in the build-up to the UN climate conference.
Campaigners point out that while Santander claims that tackling climate change is a priority, the reality of their investments often presents a different picture.
From 2016 to 2020, Santander financed oil major TotalEnergies with $591 million in lending and underwriting.
The French oil major is thought to be one of the largest contributors to the adverse impacts of climate change, while its fossil fuel projects have been linked to forced displacement, the violation of indigenous rights and health issues.
The Glasgow posters bring attention to the bank's funding of Brazilian meat processing company JBS, which has sourced cattle from farms using slave labour and is linked to massive deforestation.
A campaigner who took part in the Glasgow action said: “In the lead up to COP26, banks have been making a lot of noise about their supposed green credentials and net-zero commitments.
"But we know that banks like Santander are failing to follow up their rhetoric with action.
"The only way that they can be taken seriously as climate leaders is to cut their ties with the fossil fuel industry, and stop financing companies like TotalEnergies and PGE.
"Hopefully these posters will help spread awareness among the public about the hypocrisy of Santander’s portfolio.”
A Standander spokesperson said: "We recognise that climate change is one of the biggest challenges facing society today and we are committed to supporting a fast and fair transition to a green economy.
"We have been the largest provider of renewable energy project finance in the world for several years and our exposures to fossil fuels are also low relative to our peers.
"We have committed to aligning our power generation lending portfolio with the Paris Agreement, including ending the provision of financial services to power generation clients with more than 10% of revenues dependent on thermal coal by 2030, and eliminating all exposure to thermal coal mining worldwide in the same timeframe.
"We know there is still much to do and we are working hard to further decarbonise our lending portfolio and support customers by developing innovative green products and services."
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