Pledges to support the transition to a net-zero steel sector are growing across both the private and public sector. In September, at Climate Week NYC, six signatory banks — including Citi, Crédit Agricole CIB, ING, Société Générale, Standard Chartered, and UniCredit — launched the Sustainable STEEL Principles (SSP), a climate-aligned finance agreement designed to help achieve net-zero emissions in the steel industry.
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This report reveals the scale of financial support provided by commercial banks, development finance institutions, and export credit agencies that flowed to the fossil fuel industry in West, Central, East, and Southern Africa between 2016 and June 2017. The vast majority of this finance came from financial institutions based outside Africa, both commercial banks and public finance institutions like development banks and export credit agencies.
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BBVA will reduce its exposure to coal-related businesses to zero, serving to companies in these activities by 2030 in developed countries and by 2040 in the other countries in which it is present. In 2018, BBVA committed to aligning its credit portfolio with the goals of the Paris Agreement, and supports the need to achieve zero net carbon dioxide emissions by 2050.
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