London. Standard Chartered PLC ‘The Group’ today pledged to work with four other global banks to measure the climate alignment of their lending portfolios, and to explore ways to develop methods and tools to align their lending towards the goals of the Paris Agreement.
The commitment – made at the United Nations climate summit in Katowice, Poland – will see the Group, ING, BBVA, BNP Paribas and Société Générale ensure that they and their clients are supporting a shift from a high- to low-carbon economy in line with science-based scenarios, and are calling on other banks to make the same commitment.
Speaking about the pledge, Group Chief Executive, Bill Winters said:
“Achieving the Paris Agreement requires ambitious, collective effort; we are calling on governments to recognise this as they meet in Katowice this week. Standard Chartered is committed to working transparently with our clients, other banks and stakeholders to develop the tools the banking sector needs to assess our own contribution to climate goals.”
The pledge comes the same day as the Group published its first disclosures aligning to the recommendations of the Taskforce on Climate-related Financial Disclosures, which included its continued commitment to work to measure, and ultimately reduce, the impact of emissions associated with its financing.
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