Today, international banks BBVA,
This report aims at helping banking peers to quickly understand and apply this methodology and thus publish comparable results.
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At the 2018 United Nations Convention on Climate Change
CORPORATE RESPONSIBILITY
Toni Ballabriga: 'Banks' Collective Commitment in
'The financial sector's Collective Commitment for Climate Action is an important step toward working as a true global coalition. It is the industry's most ambitious commitment to the climate,' explained Antoni Ballabriga, the Global Head of Responsible Business at BBVA, during his presentation at one of the round table discussions taking place in parallel to the climate conference held in
This commitment became the groundwork upon which the Collective Commitment to Climate Action (CCCA) was built. The CCCA has been launched on the side of the signing of the United Nations Principles for Responsible Banking in
Since 2018, the Katowice Banks have collaborated with think tank 2-degreeC Investing Initiative (2DII) to make the Paris Agreement Capital Transition Assessment or PACTA methodology (initially developed for equity and bond portfolios) applicable to bank lending. Currently, close to twenty systemically important banks are taking part in the PACTA pilot, and the open source tool can be applied by any interested bank.
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Today, the Katowice Banks jointly publish a report on the application of the PACTA methodology on their credit portfolios.
With this document they aim to demonstrate why PACTA is a solid and accurate approach to steer banks' portfolios towards financing a lower-carbon society. The report provides an overview of the approach and specificities identified as most useful for banks. Having a standardised approach will ensure results are comparable across banks, for the benefit of their stakeholders.
By sharing their insights and learnings the banks hope to help and inspire other banks to use PACTA and contribute further to its development.
The banks will continue to collaborate to refine methodologies, develop new indicators and push for more accessible and better-quality climate data and scenarios. It is the banks' strong belief that collectively they can have a more positive impact on the fight against global warming and the support of sustainable development.
This work is a first step for banks in the goal to progressively align their lending portfolio with the Paris Agreement, thereby contributing to the ultimate goal of climate neutrality. The five
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