Banks worth $47 trillion adopt new UN-backed principles to tackle climate change
FILE - In this Feb. 8, 2019, file photo the logo for Citigroup appears above a trading post on the floor of the New York Stock Exchange. July 15, 2019.
"These principles mean banks have to consider the impact of their loans on society – not just on their portfolio," Simone Dettling, banking team lead for the Geneva-based United Nations Environment Finance Initiative, said. - Set targets to increase "positive impacts" and reduce "negative impacts" on people and the environment- Be transparent and accountable about their progress
However, the new standards could also force participating banks to choose between foregoing business from clients in high-carbon sectors and the risk of being accused of backsliding on the principles if they continue to finance such firms. "Ultimately, banks that are not in line with their commitments and do not make progress can be stripped of their signatory status," she said.
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