Reflections from climate concerned bankers on why the Climate Safe Lending Fellowship is needed in the banking sector right now.

Another day, another report. The field of climate finance is producing a deluge of literature. White papers, articles, statistics, reports. Like watching the evening news, we can often become desensitised from the content. It can feel abstracted and remote.

But this month has felt different.

The launch of Net Zero Banking Alliance took place this month with 43 banks now officially in the Race to Zero, committing to net zero portfolios by 2050….

Thinking back five years, just after the ratification of the Paris Agreement, this would have been seen by many banks to be unthinkable. Many banks (some who are now signed up) contended back then that we’d still have a majority fossil fuel economy by 2050, or that banks had little agency to shift their clients’ actions. They’re now publicly declaring they are on a path to 1.5 degrees. That is progress. It gives a great platform to turn commitment into near term action, which will undoubtedly be the hard bit.