LGT enters into UN banking alliance for the climate

LGT Private Banking is one of the 43 founding members of the Net-Zero Banking Alliance of the United Nations. By signing the accession agreement, members commit to becoming carbon neutral by 2050. Investments that are harmful to the environment must be removed from the portfolios.

According to a press release, on Wednesday LGT Private Banking has signed the accession agreement for the UN’s Net-Zero Banking Alliance. With this newly established initiative the 43 member banks from 23 countries commit to becoming carbon neutral by 2050.

The aim for this is to remove investments that are harmful to the environment from the investment portfolios of financial institutions. Sector-specific intermediate and long-term objectives are to be defined for alignment of their portfolios. These will be based on scientific climate scenarios.

Prince Max von und zu Liechtenstein, the Chairman of LGT, states in the press release that LGT Private Banking wants to be among the pioneers when it comes to sustainability, adding: “Having a concrete framework and objectives can help us to advance the issue further. […] As a founding member, we can join the other representatives of the sector in taking an important step on the path to a more sustainable future.”

According to Olivier de Perregaux, CEO LGT Private Banking, banking and the entire finance sector must organize themselves sustainably, “the earlier, the better. This is the only way we and the other sectors and actors can reach the ambitious climate goals that are necessary to halt the consequences of climate change.”

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