The Advertising Standards Authority (ASA) has upheld a complaint against Lloyds Banking Group for greenwashing, resulting in a ban on an advertisement that promoted the bank’s environmental credentials while omitting its ongoing support for fossil fuel industries.
The complaints were filed by the campaign group Adfree concerning an advertisement featured on a billboard and three paid posts on LinkedIn. While the ASA validated three of the ads as factually accurate, it found one LinkedIn post—detailing Lloyds’ efforts to reduce its carbon footprint—violated guidelines due to broader claims about the bank’s financing of clean energy and its contributions to a low-carbon economy.
The contested advertisement showcased a video of an electric car traveling through suburban and rural landscapes, ending with an image of Earth alongside the text “Helping Britain Prosper,” with “Prosper” highlighted in green.
In its decision, the ASA stated that investments and financing in areas associated with climate risk represented a significant portion of Lloyds’ activities and would continue to do so. They noted that, despite the impression given in the advertisement, Lloyds was still financing industries that emitted substantial levels of carbon dioxide and other greenhouse gases. This omission of material information was deemed likely to mislead consumers regarding the ad’s overall message.
Lloyds becomes the second major UK bank to face ASA scrutiny over greenwashing, following HSBC’s 2022 campaign that showcased $1 trillion in climate-friendly investments while neglecting to mention its own carbon emissions contributions.