Top banks commit to climate targets

The BNP Paribas logo is seen at a branch in Paris, France. Picture: REUTERS/BENOIT TESSIER

Fifty-five firms have committed to a framework released on Thursday for setting climate goals specific to mortgages, bonds and other asset classes in their portfolios, said the Science Based Targets initiative , a consortium that developed the framework. Under the SBTi framework released on Thursday, firms would set goals such as adjusting their mortgage financing to reduce emissions per square metre or changing electricity-generation project financing to cut emissions per kilowatt-hour. Starting on Thursday, firms have two years once they commit to have their targets validated by SBTi, which would assess whether the targets are aligned with the Paris climate agreement.

Morgan Stanley, for example, said last week it would eliminate the net carbon emissions generated by its financing activities by 2050.

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