Netherlands-based bank ABN AMRO announced the publication of its climate strategy, setting out its plan of action to bring its portfolios in line with a scenario limiting global warming to 1.5°C, and supporting the transition to a net zero economy by 2050.
Along with the release of the climate strategy, ABN AMRO announced that it is joining the Net Zero Banking Alliance (NBZA).
The NZBA was launched in April 2021, with a group of banks committing to align operational and attributable emissions from their portfolios with pathways to net-zero by 2050 or sooner. The initiative has grown rapidly, and currently represents about 40% of global banking assets.
In addition to aligning portfolios with a long-term net zero goal, NZBA signatories also commit to setting intermediate targets for 2030 or sooner. ABN AMRO’s climate strategy includes 2030 targets for sectors including oil & gas, power generation, shipping, commercial real estate and mortgages.
Along with steps to reduce its footprint and reach a net zero target for its operations by 2030, ABN AMRO said it aims to increase its lending commitment to renewables and other decarbonization technologies such as hydrogen fuel cells, renewable electricity, and carbon capture technology to at least Є4 billion by 2025.
Additionally by 2030, the bank expects a total of up to Є1 billion in early-stage capital to be allocated to accelerate the transition to a decarbonized energy economy.
The post ABN AMRO to Align Lending, Investment Portfolios with Net Zero appeared first on ESG Today.