Commitment to Climate Action

The Collective Commitment to Climate Action (CCCA) was adopted by some signatories to the Principles for Responsible Banking (PRB) as an additional climate commitment when it was launched in September 2019. It was retired in March 2023 after being superseded by the the Net-Zero Banking Alliance (NZBA) which is now the most ambitious, global climate mitigation pledge for banks.

UNEP FI congratulates those banks that made the bold commitment to the CCCA and fulfilled their challenging mission to set climate mitigation targets. The work of the CCCA significantly moved the sustainable finance agenda forward by building the ambition of the banking sector, providing target setting guidelines, and helping pave the way for the NZBA.

About

Some signatories to the Principles for Responsible Banking (PRB) joined the Collective Commitment to Climate Action (CCCA) when it was launched in September 2019, thereby fast-tracking their PRB commitment to align their business strategy with the temperature goals of the Paris Agreement.

CCCA signatories agreed to set climate targets within three years of making the commitment, a year sooner than PRB signatories. The last of these targets were due by the end of November 2022.

Signatories were required to:

Take decisive action from the moment of signing, focusing on the most carbon-intensive and climate-vulnerable sectors within their portfolios
Within three years of signing, set and publish sector-specific targets for aligning their portfolios with a well-below 2 degrees and striving for 1.5 degrees Celsius trajectory, based on scientific climate scenarios
Drive and facilitate the necessary transition in the real economy through their client relationships, products and services.

Each bank reported annually on its progress in implementing the commitment and achieving set targets. Every two years, the banks reported on their collective progress.

Read the full text of the Collective Commitment to Climate Action here.

Progress

27 March 2023 – Year three progress report published and CCCA retired
The CCCA publishes its final progress update, showing member banks reporting increasing numbers of targets being set in line with the Guidelines for Climate Target Setting. Nevertheless, it is clear that much work remains to be done in continuing to set further targets and to develop strategies to meet the targets that have been set. The CCCA initiative has met its objectives to accelerate the setting of Paris Agreement-aligned targets for the banking sector and is therefore retired. Members continue their work on climate change through the PRB and NZBA.

14 October 2021 – Year two progress snapshot published
The CCCA publishes its year two snapshot progress update. It shows member banks reporting increasing numbers of targets being set in line with the Guidelines for Climate Target Setting.

21 April 2021 – Guidelines for Climate Target Setting for Banks
The CCCA banks build Guidelines for Climate Targets Setting for Banks outlining key principles to underpin the setting of credible, robust, impactful and ambitious targets in line with achieving the objectives of the Paris Agreement. These guidelines underpin the UN-convened Net-Zero Banking Alliance.

8 December 2020 – Year One in Review published
A snapshot of the progress made in the first year since the launch of the CCCA. It synthesises the individual reporting by each of the signatory banks on the concrete measures they have taken in the first 12 months to deliver on the commitments they have made. Read about the Year One in Review.

23 September 2020 – First signatory progress reports published
Signatories delivered on their commitment to make public their individual reports of actions taken in the first twelve months of the Collective Commitment to Climate Action.

30 June 2020 – German Financial Sector Collective Commitment to Climate Action
The German financial sector launched a collective commitment to climate action modelled closely on the CCCA.

4 May 2020 – Convening of the working groups
Two working groups, composed of representatives from across the signatory banks, have been convened to support the implementation of the Collective Commitment to Climate Action. One focuses on learning and applying existing methodologies for assessing climate alignment. The other is dedicated to harmonization, comparability and monitoring of climate targets.

December 2019 – Spanish Banking Sector Collective Commitment to Climate Action
The Spanish banking sector launched a collective commitment to climate action modelled closely on the CCCA.

23 September 2019 – Launch of the initiative
33 of the Principles for Responsible Banking Signatories, with over $13 trillion in assets, launch the Collective Commitment to Climate Action. The launch was organised to coincide with the UN Secretary-General’s Climate Action Summit in New York, and to follow the launch of the UN Principles for Responsible Banking.