Geneva, 8 December 2020 – Today, UNEP FI published a summary of the first reporting from the 38 banks that are signatories to the Collective Commitment to Climate Action (CCCA) – the most ambitious global banking sector initiative supporting the transition to a net zero economy by 2050. The banks from across six continents and who collectively represent US$ 15 trillion in assets are all signatories to the Principles for Responsible Banking.
One year after the launch of the commitment, the report provides an overview of the concrete measures taken by the CCCA signatory banks in the first 12 months to deliver on their commitment to support the transition to a net-zero economy by 2050. The measures fall into six categories:
- Assessing portfolio alignment
- Supporting clients’ reductions of GHG emissions
- Assessing climate-related transition risks
- Strengthening exclusion policies
- Growing green customer base
- Building capacity to support the transition
The report shows that overall there is a growing use of scientific climate scenarios in banks’ strategies and many banks have announced exclusion policies reflecting the timelines imposed by science for achieving “well-below 2 degrees” of global warming. While most banks still have some way to go before they can publish a full assessment of their portfolios’ alignment and publish scenario-based targets, all 38 banks have committed to doing so within three years of signing the Collective Commitment.
The CCCA members are a leadership group among the signatories of the UN’s Principles for Responsible Banking. The guidance and frameworks the CCCA banks are developing collectively will be used by the banks in the wider coalition implementing the Principles for Responsible Banking. By the end of the first quarter of 2021, the CCCA banks are planning to publish agreed principles and standards for assessing portfolio alignment and setting and reporting on targets.
Find more information and download the report here: staging.unepfi.org/climate-pledge
Read the full text of the Collective Commitment to Climate Action.
About the Collective Commitment to Climate Action
The Collective Commitment to Climate Action (CCCA) is the most ambitious global banking sector initiative supporting the transition to a net zero economy by 2050. It brings together a leadership group of 38 banks from all six continents who have committed to align their portfolios with the global climate goal to limit warming to well-below two degrees, striving for 1.5 degrees Celsius.
The CCCA banks, representing more than USD 15 trillion in assets, are fast-tracking the commitment all Principles for Responsible Banking signatories have made to align their business strategy with the goals of the Paris Agreement on Climate Change. Visit staging.unepfi.org/climate-pledge
About the Principles for Responsible Banking
The Principles for Responsible Banking are a unique framework for ensuring that signatory banks’ strategy and practice align with the vision society has set out for its future in the Sustainable Development Goals and the Paris Climate Agreement.
200 banks have now joined this movement for change, leading the way towards a future in which the banking community makes the kind of positive contribution to people and the planet that society expects.
These banks represent more than a third of the global banking industry. This is a journey of unprecedented scale and scope at a time when such ambition is urgently needed.
For more information, please visit staging.unepfi.org/responsiblebanking