Banks with more than $47tn in assets and representing a third of the global industry have committed to do their part to curb climate change by signing up to the UN’s responsible banking principles.
Deutsche Bank, Citigroup and Barclays were among 130 banks to join the new framework that will force them to consider the impact on the climate when giving loans, not just their portfolio.
That will mean they will align their strategies with the 2015 Paris Agreement to curb global warming. They have also signed up to work towards the UN’s sustainable development goals. The banks will also have to set targets to boost the positive impact they have on the environment, work with clients and customers to encourage sustainable practices and to be transparent about their progress.
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