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.
The same banks who have funded the miscommunication campaign all these years. They should not be applauded, they should be jailed. NegligentHomicide
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