An analysis of Big Polluter ties to prominent ‘net zero’ initiatives

The report argues that 'net zero' initiatives are being manipulated by 'Big Polluters' to create an illusion of climate action while continuing to expand fossil fuel portfolios. It specifically analyzes the Integrity Council for the Voluntary Carbon Market, the UN's High-Level Expert Group (HLEG) on Net-Zero Emissions Commitments of Non-State Entities, and the Race to Zero campaign. The analysis highlights how leadership roles in these bodies are held by individuals and organizations with deep ties to the fossil fuel industry, such as executives from banks that provide billions in fossil fuel financing and lawyers representing oil majors. For instance, the report notes that member banks of the Race to Zero, Net-Zero Banking Alliance, and GFANZ invested over US$500 billion in fossil fuels in 2021, with 25% directed toward new expansion. The document concludes that these initiatives allow polluters to greenwash their business plans and avoid meaningful regulation.

• The Integrity Council for the Voluntary Carbon Market (ICVCM) is led by executives with significant ties to fossil fuel actors, including representatives from companies like ExxonMobil, BP, Shell, and Total, as well as financial institutions like Blackrock and Standard Chartered Bank.
• The Integrity Council's leadership includes individuals with histories of lax oversight or legal representation of polluters; for example, Chair Annette L. Nazareth's law firm advises the coal, oil, and gas industry and has successfully sued on behalf of ExxonMobil.
• The UN-established High-Level Expert Group (HLEG) on Net-Zero Emissions Commitments of Non-State Entities contains members affiliated with entities that continue to expand fossil fuel portfolios, such as BNP Paribas and Banco Safra.
• Financial institutions participating in the Race to Zero, the Net-Zero Banking Alliance, and GFANZ invested more than US$500 billion in fossil fuels in 2021, with an average of 25% of that financing dedicated to new fossil fuel expansion.
• The Race to Zero initiative reportedly weakened its criteria for phasing out coal projects after member banks threatened to leave the alliance following warnings from fossil fuel partners.
• The report contends that 'net zero' plans are used by major polluters as a greenwashing tool to mask intentions to continue polluting and to circumvent meaningful regulation.

APA

Friends of the Earth International (2022). An analysis of Big Polluter ties to prominent ‘net zero’ initiatives. https://www.foei.org/wp-content/uploads/2022/11/Conflicted-beyond-credibility_FOEI_CA_GFC_November-2022.pdf

Chicago

Friends of the Earth International. An analysis of Big Polluter ties to prominent ‘net zero’ initiatives. 2022. https://www.foei.org/wp-content/uploads/2022/11/Conflicted-beyond-credibility_FOEI_CA_GFC_November-2022.pdf.

Wikipedia

{{cite report |author=Friends of the Earth International |title=An analysis of Big Polluter ties to prominent ‘net zero’ initiatives |date=2022 |url=https://www.foei.org/wp-content/uploads/2022/11/Conflicted-beyond-credibility_FOEI_CA_GFC_November-2022.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{friendsoftheearthinternational2022analysis, author = {{Friends of the Earth International}}, title = {{An analysis of Big Polluter ties to prominent ‘net zero’ initiatives}}, institution = {Friends of the Earth International}, year = {2022}, url = {https://www.foei.org/wp-content/uploads/2022/11/Conflicted-beyond-credibility_FOEI_CA_GFC_November-2022.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }