The Bank of France, which manages 22 billion euros, will no longer invest in companies that generate more than 2 percent of their revenues from coal by the end of 2021 and will drop this threshold to zero percent by 2024.
After ongoing pressure from environmental groups and Indigenous communities, Bank of America has said it will not finance any oil and gas exploration in the Arctic, making it the last major U.S. financial institution to do so.
The first Finance in Common Summit gathered the world’s 450 public development banks to address recovery from the COVID-19 pandemic in line with the principles of sustainable finance. In a joint declaration the Banks pledge to align financing decisions with the Paris Agreement on climate change.
Thirty of the world’s largest investors – including Allianz, the Church of England, and the California Public Employees’ Retirement System – have now set a goal to reduce emissions by 16 to 29% of 2019 levels by 2025.