Banks, Insurers Commit To Global Climate Action

Law360, London (September 23, 2019, 12:47 PM BST) -- Banks from 46 countries with more than $47 trillion in assets have adopted new United Nations-backed principles on “responsible banking” to fight climate change and increase focus on sustainable finance.

Major banks are under pressure to accelerate their contribution to the Paris climate agreement and other initiatives aimed at cutting the use of fossil fuels. (AP) Some 130 lenders pledged Sunday to sign up to the U.N. Principles for Responsible Banking ahead of a climate action summit in New York on Monday. At the same time, insurance companies pledged to expand coverage in countries hit hardest by climate change.

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