ABN AMRO released the following statement on its climate strategy:

ABN AMRO publishes its climate strategy, as we take the next step in our climate journey. Our climate strategy is a plan of action and presents our principles, priorities and key levers, giving insight into how we will bring our portfolios in line with limiting global warming to a 1.5°C scenario and supporting the transition to a net zero economy by 2050.

Climate change is one of the biggest challenges of our time and ABN AMRO is committed to making a difference. Sustainability has been core to our strategy since 2018. In line with our purpose ‘Banking for better for generations to come’ we strive to achieve a responsible and just transition that is socially inclusive and with respect for human rights.

Upon the publication of this report we are joining the Net Zero Banking Alliance (NZBA). This provides us with a framework for our climate action. We will align our portfolios and operations with a net zero trajectory and will seek to improve and scale our offering in terms of expertise, capital and partnerships, our key tools as a bank.

We have set intermediate targets for 2030 for five sectors: oil & gas, power generation, shipping, commercial real estate and mortgages, the largest asset class in our books. Our strategic choice to focus on the Netherlands and Northwest Europe has already significantly reduced our loan portfolio in the carbon-intensive energy, shipping and commodities portfolios. We have developed a roadmap for how we will expand target setting for other sectors. In addition we have set ambitions for the investments we make on behalf of clients. In line with our aim of leading by example, we have a net zero target for our own operations per 2030, taking responsibility for our own footprint. We will regularly update our targets and finetune our plans as regulations, technologies and methodologies progress in the coming years.

See related article: RBC Releases 2030 Emissions Reduction Targets in Line with Climate Strategy

Global decarbonisation will require enormous investments in innovative climate technologies and infrastructure, such as hydrogen, renewable energy, carbon capture and energy efficiency. Across our portfolio, high levels of financing will be needed for decarbonisation. We remain an active player in the financing of decarbonisation on the strength of our leading product capabilities. Specifically, we aim to increase our lending commitment to renewables and other decarbonization technologies to at least EUR 4 billion by 2025. The energy transition also requires significant early-stage capital. By 2030 a total of up to EUR 1 billion in early-stage capital will be allocated to accelerate the transition to a decarbonised energy economy.

We know we cannot do this alone and will continue to team up with other stakeholders and other banks, sharing expertise and fostering cross-sector collaboration between our clients and other partners. Our commitment to sustainability in these past years has significantly enhanced our expertise, but to deliver on our climate strategy we need to step up our knowledge and capabilities.

We are committed to supporting the transition to a net zero economy by 2050 and our climate strategy is an important step in accelerating our journey.