130 banks worth $47 trillion adopt new UN-backed climate policies to shift from fossil fuels

"UNITED NATIONS (Reuters) - 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.


Deutsche Bank, Citigroup, and Barclays, were among 130 banks to join the new framework on the eve of a United Nations summit in New York aimed at pushing companies and governments to act quickly to avert catastrophic global warming.


"These principles mean banks have to consider the impact of their loans on society – not just on their portfolio," Simone Dettling, banking team lead for the Geneva-based United Nations Environment Finance Initiative, told Reuters.


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."


Read more.