BBVA, BNP Paribas, Standard Chartered and Société Générale have pledged to measure the climate-related impacts of their lending portfolios and assist companies they invest in with aligning their respective sustainability strategies with the Paris Agreement goals. The four big-name banks have signed a letter committing to align their respective loan books - which collectively cover €2.4 trillion of assets – with a 2 degree celsius trajectory. Under the pledge, the banks will initially focus on their most carbon-intensive areas of investment, such as shipping, aviation and road transport. They will be required to share data on the assets that clients use for production, as well as future investments, with each other in a bid to share best practice. The letter states that alignment with a 2oC trajectory will mark the beginning of the banks’ actions on climate change, with an ultimate goal of “climate neutrality.”

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