From a technical point of view, too, there was disappointment. It was hoped that the parties would finally agree on the rules that should govern global co2 markets (Article 6 of the agreement). However, this has been postponed for this year`s discussions. It`s got to change. Investors are increasingly starting to challenge banks over their fossil fuel policy, as evidenced by the shareholder decision coordinated by ShareAction, recently submitted to Barclays. It calls on Barclays to end a plan to gradually provide financial services (including project financing, business financing and access to employment) to energy companies as well as gas and electricity suppliers that do not meet the paris climate agreement targets. Shareholders will vote on May 7. Jean-Laurent Bonnafé, Chief Executive Officer of BNP Paribas, said: “We are pleased to reach ShareAction`s ranking for the second time. This is a strong recognition of the efforts of BNP Paribas and its teams around the world to accelerate the energy transition and strengthen the management of climate risks. Among other things, we have announced an exit date for thermal coal financing, which expires in companies that derive most of their revenues from unconventional oil and gas, and we continue to work on implementing the TCFD recommendations and reporting on our progress every year. However, this is a journey and much remains to be done. We will strengthen our ambition to play our part in managing the climate crisis and to work towards this goal with the entire banking community. This work is a first step for banks to gradually align their loan portfolios with the Paris Agreement and thus contribute to the ultimate goal of climate neutrality.
The five Katowice banks are at different stages of development, but expect to report on their respective alignment levels by the end of 2021. Last year`s Madrid climate summit is an example of the current situation. The longest UN climate talks to date have proved insignificant for climate negotiations and deeply disappointing for the global fight against climate change. Slavka Eley, Head of Banking, Innovation and Product Markets at the European Banking Authority (EBA), said: “This ShareAction report highlights that while the European banking sector is making progress in addressing climate risks, there is an opportunity to fully integrate these risks into policies, processes, risk management tools and transparency. The European Banking Authority (EBA) is actively contributing to the integration of ESG factors into European regulation and supervision.” Contribute to quality projects through ClimateSeed`s instruments to preserve the environment and achieve the goal of the UN Sustainable Development Goals.