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
UNITED NATIONS - 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.
Under pressure from investors, regulators and climate activists, some big banks have acknowledged the role lenders will need to play in a rapid transition to a low-carbon economy. 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.
Story continuesAlthough the initiative is voluntary, Dettling, who played a central role during 18 months of negotiations with a core group of 30 founding banks, said lenders would be reluctant to accept the reputational risk of losing their signatory status.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Banks worth $47 trillion adopt new UN-backed climate principlesThe move would shift the banks' loan books away from fossil fuels in an attempt to fight climate change.
Read more »
Banks worth $47 trillion adopt new U.N.-backed climate principlesBanks with more than $47 trillion in assets, or a third of the global industry, ...
Read more »
Start-up Blend gives big banks `one tap' home loans to compete with Quicken's Rocket MortgageBanks have historically used armies of mortgage brokers to gather income and asset documents from prospective borrowers.
Read more »
Banks worth $47 trillion adopt new U.N.-backed climate principlesBanks with more than $47 trillion in assets, or a third of the global industry, ...
Read more »
Banks worth $47 trillion adopt new UN-backed climate principlesThe move would shift the banks' loan books away from fossil fuels in an attempt to fight climate change.
Read more »
Sony says the PlayStation 5 will have an improved rest mode that uses a fraction of the power required by the PlayStation 4While announcing a new climate change partnership with the UN, Sony revealed a new detail about the next generation PlayStation.
Read more »