The UN Environment Programme has updated its Responsible Banking principles aimed at strengthening climate ambition. At a meeting last year, signatories decided the Principles’ climate ambition should be strengthened to specify that signatory banks are expected to align their portfolios with a 1.5 degrees pathway, which includes achieving net-zero emissions by at least 2050. The relevant principle now states that the global community should align their portfolios with the goal of limiting global warming to well below 2, striving for 1.5 degrees Celsius, compared to pre-industrial levels.
