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UniCredit joins net-zero banking alliance to cut carbon emissions -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: A UniCredit logo is seen in downtown Rome, May 10, 2016. REUTERS/Tony Gentile

ROME (Reuters) – Italy’s UniCredit said on Wednesday it had joined the Net-zero Banking alliance (NZBA), a group of banks committed to aligning lending and investment portfolios with net-zero emissions by 2050, in line with the Paris Climate Agreement.

The NZBA counts 76 members from 35 countries, with a total of $54 trillion in total assets under management, representing more than a third of global banking assets.

The bank said it would give further details on its environmental, social and governance (ESG) strategy, part of its new business plan, at an upcoming investor day.

“This is an important moment in our journey to a more sustainable future and is a necessary action to focus attention and ultimately make significant progress in this area,” UniCredit Chief Executive Andrea Orcel said in a statement.

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