“We already know that, without fundamental technological breakthroughs, it will be in very many cases impossible to realize these decarbonisation pledges without deploying offsets — measures which reduce carbon emissions or take carbon out of the atmosphere — elsewhere.
“The desperate need for offsets which I see coming risks to create fraud at an unprecedented scale, bigger even than in the European experience a few years back.
“There may be agreements by some countries to raise NDCs , but this does not mean that these targets are in any way binding, enforceable or realistic.
“The launch of this product demonstrates our commitment to our role as an active partner in achieving the Kingdom’s Vision 2030 objectives,” said Tony Cripps, the bank’s CEO.