Banks with more than $47 trillion in assets, or a third of the global industry, ...
) were among 130 banks to join the new framework on the eve of a United Nations summit in New York aimed at pushing companies and governments to act quickly to avert catastrophic global warming.
Financing for oil, gas and coal projects has come under particular scrutiny as climate scientists step up calls to change the global economy’s deep reliance on fossil-fuels to avert disastrous warming.- Align their strategies with the 2015 Paris Agreement to curb global warming and U.N.-backed targets to fight poverty called the Sustainable Development Goals
Critics argue that banks should go much further by explicitly committing to phasing out financing for fossil fuel projects and agribusiness that drive deforestation in the Amazon, Southeast Asia and other regions. “They need to demonstrate that they are making progress — and progress within a given timeline,” Dettling said.
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