The Collective Commitment to Climate Action sets out how banks will align their services and lending with the objectives of the Paris Agreement. With this groundbreaking pledge, 38 Signatories of the Principles are taking tangible steps towards putting their commitment to align their business with international climate goals into practice.
It requires that signatories:
- align their portfolios to reflect and finance the low-carbon, climate-resilient economy required to limit global warming to well-below 2, striving for 1.5 degrees Celsius;
- take concrete action, within a year of joining, and use their products, services and client relationships to
- facilitate the economic transition required to achieve climate neutrality; be publicly accountable for their impact and progress on these commitments.
The Collective Commitment to Climate Action was launched by 33 Signatories of the Principles for Responsible Banking to coincide with the UN Secretary-General’s Climate Action Summit. Several banks have joined since. Please see here the full list of Signatories to the Commitment and their reporting status. If your bank is interested in joining, reach out to Simone Dettling.