SHANGHAI, (Reuters) – Banks in Asia “fall short” of meeting international climate pledges and aligning themselves with decarbonisation goals for their respective countries according to a Wednesday study.

Last year, nearly 200 nations signed an agreement in Glasgow calling for banks and financial institutions to raise more money to achieve the global climate goals.

But a review of 32 banks throughout East and Southeast Asia showed that none had made any clear commitments or adequate implementation plans to meet the goals of the Paris climate agreement, according to Asia Research & Engagement (ARE), a Singapore-based environment group.

It said that while banks were quick to create green products, they have lacked the ability to clean up existing products or implement policies to redirect capital from industries with high carbon emissions.

According to the report, “This raises questions about greenwashing: That banks are looking for a marketing benefit from sustainable finance deals while providing greater levels of finance in dirty industries,”

Only nine of the 32 major banks in countries like China, Japan and South Korea had net zero commitments to long-term emissions reductions. While only thirteen have anti-coal-fired power financing policies,

DBS Group, OTC: in Singapore, was the top-ranking Asian bank. Although it had set a net-zero long-term goal, they have not made clear plans for short and medium term. They also did not make any financial strategies that were consistent with their goals.

DBS has not responded to my request for comment immediately.

The lowest-rated five banks included China’s Bank of Ningbo (China), Ping An Bank, and Shanghai Pudong Development Bank. They had only “barely begun” their climate readiness journey.

Three banks did not respond to our requests immediately.

ARE stated that banks must establish clear climate policies aligned to national goals to prevent future regulatory risk and help clients move to cleaner, more efficient technologies.