Banks with more than $47 trillion in assets, including Deutsche Bank, Citigroup, and Barclays, have adopted new UN-backed climate policies that would shift their loan books away from fossil fuels.
The group of 130 banks, which represent a third of the global industry, signed onto the new principles which require lenders to align their strategies with the 2015 Paris Agreement and set targets to increase “positive impacts” on the environment, among other things.