Industry Coalition Releases Principles for Transitioning to Low-Carbon Economy

The American Bankers Association today joined 10 other financial trade associations in releasing a set of principles intended to provide a framework for financing the transition to a low-carbon economy. The principles are intended to guide the industry’s engagement with policy makers to find commonsense, market-based solutions to the challenges and opportunities related to climate risk and the ongoing transition of the economy away from carbon.

“America’s banks recognize the global challenge posed by climate change, and many are already playing a key role in financing the transition to a more sustainable and inclusive low-carbon economy,” said ABA President and CEO Rob Nichols. “The principles released today by the U.S. Climate Finance Working Group offer an important framework for ABA and other financial service trade associations as we engage with policymakers to find common-sense, market-based solutions to these issues. By joining together with our industry peers in this effort, we can ensure that our member banks can participate in the transition in ways that make the most sense for their business, their customers and their communities.”