Good morning from the Financial Times. Today is Wednesday, November 3rd, and this is your FT news briefing.

The Glasgow Climate Conference today is all about financing the transition to a net zero carbon

emissions world. Meanwhile, an FT investigation finds that some banks have backtracked on their

climate pledges. Plus, we'll hear from our golf correspondent on how the UAE and Saudi Arabia

plan to transition away from oil. I'm Mark Filipino, and here's the news you need to start your day.

An FT investigation has found that banks, including B&Y Mellon,

Barclays, and Deutsche Bank, have all watered down their pledges to combat climate change,

and they're continuing to finance the fossil fuel industry. The FT's Camille Hudson was on the

investigation. So what we did was we looked across several different policies from different banks,

which talk about what they're prepared to do in relation to financing the fossil fuel industry

or carbon-intensive industries in general, and we were interested in looking at whether

wording of pledges had changed over time, and we found that it had. This really came from one

initial example, which was about Deutsche Bank, and we thought if one bank has done something

like this, it's likely that there are others, and it's a combination of things. Some banks have just

changed the wording. Others have made commitments a couple of years ago to disclose things that are

now not still fully disclosed. So it's a kind of shifting of the goal posts, or maybe a kind of

reluctance to fully do what they said that they would do. So does this come up in Glasgow?

Criticism that banks aren't fulfilling their pledges? It's a good question. There isn't a lot of

talk today in particular because it's finance day. There has been quite a lot of criticism

recently from campaigners who say banks have committed left-right incentive to net zero, but

they still continue to fund fossil fuel companies, and in particular that they continue to fund

the expansion of fossil fuel plants. And that's important because earlier this year the

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