Sep. 2020

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The Principles for Responsible Banking

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The Coalition

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Collective Commitment to Climate Action

• farthest-reaching commitment to climate alignment by the global banking sector to date.

• Two national commitments (Spain and Germany) have been modelled on the Collective Commitment to Climate Action in the year since launch

It requires that signatories:• align 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 (public targets and milestones within 3 years of signing);

• take 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;

• be publicly accountable for their impact and progress on these commitments.

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Actions European Banks in Year One

1) Green weighting factor: pricing climate impact into expected return

2) Tightening fossil fuel exclusion policies: withdrawal from thermal coal

3) Entering into strategic dialogue with clients based on climate risk vulnerability assessment

Thank youFor more information please contact: Simone DettlingBanking Team Lead UN Environment Finance InitiativeSimone.Dettling@un.org

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