重新校准银行在能源转型中的作用

Contents Climate Finance at a Crossroads. . . . . . . . . . . . . . . . . . . . . . . . . .3 How Did We Get Here?.................................5 Expectation 1: Banks can play a leading role in the transition5Expectation 2: Banks should disclose how they are exposed to physical and transition climate risks6Expectation 3: Banks should set net-zero portfolio targets, interim sectoral targets,and transition plans to guide internal climate action6 What Have We Achieved?...............................8 WhatReallyGuides Bank Climate Action?...................10 Constraint 1: Fiduciary constraints and transition bankability10Constraint 2: Conflicting stakeholder expectations11Constraint 3: Policy and market dependencies11 What is Holding Us Back?..............................13 Myth 1: A bank’s targets and transparency would unlock new deals13Myth 2: Financed emissions metrics would incentivize real-economy decarbonization, risk management13Myth 3: Increased scrutiny on bank approaches would lead to enhanced climate action14Myth 4: The economic necessity of the transition would make profitable deals readily available15 What Does a New Path Look Like?. . . . . . . . . . . . . . . . . . . . . . . .16 Recognize banks as commercial actors17Get capital flowing by playing to banks’ strengths17Build transition intelligence infrastructure and capacity18Rightsize the role of banks within an enabling system18 Conclusions and Call to Action. . . . . . . . . . . . . . . . . . . . . . . . . .20 Endnotes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 Climate Finance at a Crossroads We are at an important inflection point in climate financeNet-zero-aligned targetsset with good intentions are now met with challenges from all sides — technical,economic, legal, and reputationalWhile some fear a retreat in ambition, we see this asan opportunity to check our assumptions, ask better questions, and ultimately charta new path forwardWe need a recalibration — one that will ensure that the role ofbanks in the energy transition is rightsized to focus on deals, not just disclosure In the last decade, banks have overhauled governance, launched net-zero strategies, and builtinternal capability at speed.Climate has moved from the margins, now enjoying board-level oversightand increasing attention from supervisors, shareholders, and clients. Banks are adept at answeringquestions such as: What is your portfolio emissions footprint? How is your strategy aligned with net zero?What are your main climate and transition risks? But while momentum and expertise have grown, the impact on the real economy remains limited.Emissions continue to rise and clean infrastructure build-out is facing significant economic and politicalheadwinds. If the point of commitments and targets was always to see finance flow to the transition, thenwhat if the better question is: What is stopping the transition-enabling transactions from happening? Moving forward, we need a sharper, more pragmatic understanding of banks’ role in the energy transition.To avoid slipping into mere deck-chair rearrangement, the next phase of climate financecannot rely on frameworks and commitments alone. It must be defined by successfully executed deals.This change requires those who have focused on banks’ role in accelerating the transition to reflect onwhere we got things right, where we were wrong, and how we can help banks do deals differently tomaintain returns while improving climate outcomes. Banks are not moral agents or policy substitutes.They are commercial actors operating within regulatory, fiduciary, and risk-based constraints. Banks make up only part of the full investment chain, meaning they cannot be the sole architects of the energy transition.Climate strategies that overlook this reality and rely solely onnormative or external pressures are vulnerable to political volatility and are unlikely to meet the scaleof the challenge. We must embed climate in the business case of finance and link it to growth, competitiveness,and long-term value creation.That means aligning climate ambition with how banks make decisions,serve clients, and structure transactions. The goal is to evolve the way we pursue the ambitions set bybanks by focusing on the outcomes, not just the metrics and optics. Recognizing the limits of currenttools and expectations does not diminish what’s been accomplished but allows us to learn and strengthenour ability to move forward. To achieve real progress, we must work together — across finance, policy, and civil society — to remove barriers, align incentives, and support transactions that enable the energytransition. Climate finance has matured on paper. Now it must deliver in the real and financial economy,or risk irrelevance. This report aims to recalibrate this conversation and chart a constructive path forward forunderstanding the banking sector’s role in the energy transition.RMI is committed to making t