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Banks worth $47 trillion adopt new UN-backed climate principle
Key Excerpts from Article on Website of CNBC/Reuters
Posted: October 22nd, 2019
https://www.cnbc.com/2019/09/23/banks-worth-47-trillion-adop...
Banks with more than $47 trillion in assets, or a third of the global industry, adopted new U.N.-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, told Reuters. Financing for oil, gas and coal projects has come under particular scrutiny as climate scientists step up calls to change the global economys deep reliance on fossil-fuels. The principles, drawn up jointly by U.N. officials and banks, require lenders to: Align their strategies with the 2015 Paris Agreement to curb global warming and U.N.-backed targets to fight poverty called the Sustainable Development Goals, set targets to increase positive impacts and reduce negative impacts on people and the environment, work with clients and customers to encourage sustainable practices, [and] be transparent and accountable about their progress. The principles main backers say the norms will encourage banks to pivot their loan portfolios away from carbon-intensive assets and redirect capital to greener industries.
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