From 22 to 29 September, many events will take place in New York as part of the Global Goals Week.
#COP24: BNP Paribas and 4 leading banks commit to global climate goals
On the occasion of COP24, which is taking place this year in Katowice, Poland, until December 14th, five leading banks today team up in pledge to align lending portfolios with global climate goals.
5 international banks commited to fight climate change
ING, BBVA, Societe Generale, Standard Chartered and BNP Paribas committed to measure the climate alignment of their lending portfolio, and to explore ways to progressively steer financial flows through their core lending towards the goals of the Paris Agreement.
How? By supporting the goal set out in Article 2.1c of the Paris Agreement: "Making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development."
The coalition of these five major international banks is committed to develop open-source methods and tools for measuring the alignment of lending portfolios with the goals of the Paris Agreement. With the desire to have a positive impact and a forward-looking scientific approach, this commitment aims to finance sector-specific shifts in technology and production processes.
designing the financial services needed to support our clients’ transition to the low-carbon economy.
6 Key characteristics
" We will work together to co-develop the tools and metrics needed to support our contribution, partnering with organisations like the 2˚ Investing Initiative. "
" We will initially focus on the most carbon-intensive sectors which are key to the transition to the low-carbon economy. "
" We believe in an engagement-focused approach, which means not simply excluding clients but work with them on their transition. "
" We believe that each sector has its own transition pathway. Therefore we will use a sector-specific approach and apply the key strategies necessary per sector. "
" To effectively steer, we believe in using forward-looking data that will give us the insight we need to know where our clients are headed and how we can support the right investments. "
" We will focus on ensuring that we and our clients are supporting a shift from high- to low-carbon assets in line with science-based scenarios. "
« In order to finance the energy transition, we have to measure and monitor the climate impact of our credit portfolio in line with the Paris Agreement. We are actively engaged and working on this subject and support this initiative which aims at creating common tools and metrics for the financial sector. »
Jean-Laurent Bonnafé, CEO de BNP Paribas
we have to measure and monitor the climate impact of our credit portfolio in line with the Paris Agreement.
Photos : header ©4th Life Photography // ©newroadstore
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