09/19/2023

U.S. Treasury: Banks' 'Net Zero' Pledges

The pledges must align with temperature limits

"Net-zero" financing commitments from banks and asset managers should align with goals to limit the global average temperature increase to 1.5 degrees Celsius and be backed by "credible" metrics and targets, the U.S. Treasury said on Tuesday.

The Treasury released a document setting out new principles as world leaders, celebrities and business moguls, converged on Manhattan to focus attention on the climate crisis during the U.N. General Assembly week.

It aims to promote consistency, credibility and transparency across net-zero pledges by financial institutions.

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