To coincide with the UN Secretary-General’s Climate Action Summit, one day after the launch of the UN Principles for Responsible Banking, 33 Signatories with over $13 trillion in assets have announced a Collective Commitment to Climate Action. With this groundbreaking pledge, Founding Signatories of the Principles are taking tangible steps towards putting their commitment to align their business with international climate goals into practice. The commitment was announced during a full-day event on the implementation of the Principles for Responsible Banking, hosted by the thirty banks that led their development.
The Collective Commitment to Climate Action sets out concrete and time-bound actions that banks will take to scale up their contribution to and align their lending with the objectives of the Paris Agreement on Climate, including:
- aligning 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;
- taking 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;
- being publicly accountable for their climate impact and progress on these commitments.
To see the full text of the Collective Commitment to Climate Action, click here.
To see the press release issued during the UN Climate Action Summit, on 23 September 2019, click here.