City Bank joins UN-convened Net-Zero Banking Alliance
Tuesday, 26 April 2022
City Bank has recently joined the Net-Zero Banking Alliance (NZBA), an industry-led, UN-convened alliance of banks worldwide, in line with its commitment to a greener planet. City Bank is committed to align its lending and investment portfolios with net-zero emissions by 2050, following the temperature goals of the Paris Agreement, said a statement.
The NZBA is convened by the United Nations Environment Programme Finance Initiative (UNEP FI) and is the banking element of the Glasgow Financial Alliance for Net Zero (GFANZ), chaired by UN Special Envoy on Climate Action and Finance. Representing almost 40 per cent of global banking assets, with over 100 members from 40 countries, the Alliance is a critical step in the mobilisation of the financial sector for climate. It recognizes the vital role of banks in supporting the global transition of the real economy to a low-carbon, sustainable, and inclusive economy.
Being one of the top private commercial banks in Bangladesh, City Bank has been contributing to the sustainable growth of the economy and improving people's quality of life without compromising the life of future generations through its lending, investment, and advisory services. It has been rated as one of the top-10 sustainable banks in Bangladesh by the central bank's Sustainability Rating 2020 due to its significant contribution to sustainable finance and green finance.
To attain the global targets set through the Paris Agreement and the broader United Nations Sustainable Development Goals (SDGs), in light of the government's Intended Nationally Determined Contributions (INDC) and Sustainable Finance Policy of the central bank of Bangladesh, City Bank incorporates responsible financing in its lending practices and steers customers' Environmental, Social, and Governance (ESG) investments for the betterment of people and planet. It looks forward to engaging with its clients as an NZBA member bank to support them in their low-carbon transition plans and accelerate action on climate.