Collective Commitment to Climate Action – Year One in Review published.
This report finds that the 38 signatory banks to the Collective Commitment to Climate Action (CCCA) are putting in place the building blocks to align with the Paris Climate Agreement. It provides an overview of the concrete measures taken by CCCA signatory banks in the first 12 months to deliver on their commitment to support the transition to a net-zero economy by 2050.
Year One in Review (PDF, 3.3MB)
The Collective Commitment to Climate Action (CCCA) is the most ambitious global banking sector initiative supporting the transition to a net zero economy by 2050. It brings together a leadership group of 38 banks from all six continents who have committed to align their portfolios with the global climate goal to limit warming to well-below two degrees, striving for 1.5 degrees Celsius.
The CCCA banks, representing more than USD 15 trillion in assets, are fast-tracking the commitment all Principles for Responsible Banking signatories have made to align their business strategy with the goals of the Paris Agreement on Climate Change.
Signatories to the Collective Commitment to Climate Action are required to:
- Take decisive action from the moment of signing, focusing on the most carbon-intensive and climate-vulnerable sectors within their portfolios
- Within three years of signing, set and publish sector-specific targets for aligning their portfolios with a well-below 2 degrees and striving for 1.5 degrees Celsius trajectory, based on scientific climate scenarios
- Drive and facilitate the necessary transition in the real economy through their client relationships, products and services.
Each bank reports annually on its progress in implementing the commitment and achieving set targets. Every two years, the banks report on their collective progress.
In the first year since signing the commitment, the 38 banks have delivered on their commitment to publish the measures they are taking to align their portfolios with international climate goals. These include developing methodologies for assessing portfolio alignment, exclusion policies for sectors such as coal and strategies to help clients reduce emissions.
In this way, the 38 CCCA banks also provide leadership, guidance, tools and frameworks for the 200+ Signatories to the Principles for Responsible Banking, helping all Signatories to strategically align their business with the goals of the Paris Climate Agreement.
8 December 2020 – Year One in Review
A snapshot of the progress made in the first year since the launch of the CCCA. It synthesises the individual reporting by each of the signatory banks on the concrete measures they have taken in the first 12 months to deliver on the commitments they have made. Read about the Year One in Review.
23 September 2020 – First signatory progress reports published
Signatories delivered on their commitment to make public their individual reports of actions taken in the first twelve months of the Collective Commitment to Climate Action.
30 June 2020 – German Financial Sector Collective Commitment to Climate Action
The German financial sector launched a collective commitment to climate action modelled closely on the CCCA.
4 May 2020 – Convening of the working groups
Two working groups, composed of representatives from across the signatory banks, have been convened to support the implementation of the Collective Commitment to Climate Action. One focuses on learning and applying existing methodologies for assessing climate alignment. The other is dedicated to harmonization, comparability and monitoring of climate targets.
December 2019 – Spanish Banking Sector Collective Commitment to Climate Action
The Spanish banking sector launched a collective commitment to climate action modelled closely on the CCCA.
23 September 2019 – Launch of the initiative
33 of the Principles for Responsible Banking Signatories, with over $13 trillion in assets, launch the Collective Commitment to Climate Action. The launch was organised to coincide with the UN Secretary-General’s Climate Action Summit in New York, and to follow the launch of the UN Principles for Responsible Banking.
Resources for signatories
UNEPFI members have access to a range of resources and peer-learning opportunities, including a database of technical clinics and workshops led by subject matter-experts.