Five banks work to reduce greenhouse emissions

Business | 4 Dec 2018 5:59 pm

Five international banks are pledging to use the billions at their disposal to steer clients away from businesses that emit large amounts of greenhouse gases.

The banks, led by ING of the Netherlands, announced the plan Tuesday on the sidelines of the U.N. climate summit in Poland.

The Katowice Commitment, named after the city hosting the two-week summit, is also backed by BBVA, Standard Chartered, BNP Paribas and Societe Generale.

The banks, with a combined loan book of over 2.4 trillion euros (US$2.72 trillion), say they want to support the Paris accord on curbing climate change.

Measures include developing tools to ensure lending is aligned with emissions-reduction goals and financing low-emissions technologies.

The banks say they won’t exclude any clients but instead "work with them on their transition.”-AP

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