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Wednesday, September 25th, 2019

Banks worth $47 trillion adopt new UN-backed climate principles

Author:    
Source:     TRT World
Publication Date:     22 September 2019
 Link: Banks worth $47 trillion adopt new UN-backed climate principles
Stephan:   I consider this report, which is only getting any attention in the financial press, as very good news. It tells us that the banking industry understands the implications of climate change, and is acting on their conclusions. This is confirmation that a major economic change is underway.

Credit: Richard Drew / AP

Banks with more than $47 trillion in assets, or a third of the global industry, adopted new UN-backed “responsible banking” principles to fight climate change on Sunday that would shift their loan books away from fossil fuels.

Deutsche Bank, Citigroup and Barclays were among 130 banks to join the new framework on the eve of a United Nations summit in New York aimed at pushing companies and governments to act quickly to avert catastrophic global warming.

“These principles mean banks have to consider the impact of their loans on society – not just on their portfolio,” Simone Dettling, banking team lead for the Geneva-based United Nations Environment Finance Initiative, said.

Under pressure from investors, regulators and climate activists, some big banks have acknowledged the role lenders will need to play in a rapid transition to a low-carbon economy.

Financing for oil, gas and coal projects has come under particular scrutiny as climate scientists step up calls to change the global economy’s deep reliance on fossil-fuels to avert disastrous warming.

The principles, drawn up […]

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1 Comment

  1. Rev. Dean on Wednesday, September 25, 2019 at 9:41 am

    This looks like a good step in the right direction, and I hope it continues with other banks following suit.