Banks, insurers, pension funds and asset managers will intensify their commitment to financing the energy transition. The new Climate Commitment Work Plan sets out how the financial sector will continue to fulfill its international pioneering role in the climate field. For example, financial parties will further deepen and exchange knowledge and experience in this field among themselves and together with external partners.
The Financial Sector Climate Commitment Committee's Climate Commitment Work Plan follows a review of financial institutions' activities to date under the Financial Sector Climate Commitment. Since its inception in 2019, participating institutions have individually published emissions reports and action plans. Now they will shift their focus to substantive depth on reporting, action plans and financing the energy transition.
To this end, participants exchange knowledge and experience among themselves and with civil society organizations and the scientific community about the technical aspects of new developments. This should result, among other things, in regular updates of the 'Guidelines for relevant financing, investments and action plans'. For example, attention will be paid to the creation of clear monitoring of the progress on all agreements from the Climate Commitment, so that stakeholders can clearly see where financial parties stand in their pursuit of the goals laid down in the Climate Commitment Financial Sector. In this way, the financial sector remains committed to the agreements laid down in the Climate Commitment in 2019 and continues its pioneering role. All this with the aim of being able to drive and/or accelerate the energy transition wherever possible.
About the Climate Commitment
The financial sector wants to contribute to the goals of the Paris Agreement and the Dutch Climate Accord. About 50 banks, insurers, pension funds, asset managers and their umbrellas signed the Climate Commitment in 2019. The Climate Commitment is part of the Climate Agreement. By signing the commitment, the financial sector made a number of agreements.
View focus points for follow-up here
This is a joint press release from DUFAS, Dutch Banking Association, Pension Federation and Association of Insurers
