LLOYDS Bank misled consumers by advertising its carbon footprint reduction plans while failing to mention its “significant” ongoing financing of fossil fuel companies, a watchdog has ruled.

A LinkedIn post in May highlighted the bank’s commitment to “reducing reliance on fossil fuels” and financing clean energy.

But campaign group Adfree Cities said the ad omitted key details about Lloyds’ financing of carbon-intensive industries.

Lloyds’ latest sustainability report revealed it financed the equivalent of 32.8 million tonnes of carbon dioxide in 2022.

The Advertising Standards Authority (ASA) ruled the ad gave the impression Lloyds prioritised sustainability while continuing to support businesses emitting high greenhouse gases, deeming this “material information” that should have been included.

Lloyds said it remains committed to transparency and achieving net zero by 2050, though the ad will not be repeated.

Adfree Cities co-director Veronica Wignall said: “Lloyds isn’t a climate leader, despite its eco adverts.

“Lloyds is trying to sell a green story, while it continues to pour money into unethical polluting companies.

“While the ASA’s ruling is welcome, advertising regulation is nauseatingly slow and ineffective.

“We need a tobacco-style ban on high-carbon advertising to stop greenwashing and clear the way for meaningful climate action.”