A group of 130 global banks have adopted the United Nations-backed Principles for Responsible Banking, which require companies to assess their impact on the environment and set targets to improve.
The framework is designed to encourage banks to bring their strategies in line with the Paris Agreement on climate change, which aims to limit the rise of global temperatures to "well below" 2 degrees C above pre-industrial levels.
Banks including Citigroup Inc., Barclays PLC, Banco Bilbao Vizcaya Argentaria SA, BNP Paribas SA, Banco Bradesco SA, FirstRand Ltd., Industrial & Commercial Bank of China Ltd., National Australia Bank Ltd., Nordea Bank Abp, Banco Santander SA and Société Générale SA were among the core group of founding banks that led the development of the principles. In total, 130 banks with more than $47 trillion in assets signed up to the regime on Sept. 22.
U.N. Secretary-General António Guterres challenged the banks to conform with the U.N.'s sustainable development goals, support gender equality, invest in climate action and switch investments away from fossil fuels.
