Climate Change Commitment of the Global Alliance for Banking on Values
At the Vancouver 2019 Annual Meeting, the Global Alliance for Banking on Values (GABV) announced its Climate Change Commitment initiative, in which members voluntarily commit to measuring and reporting the carbon footprint of their loans and investment portfolios within a three-year period, aligning with the Paris Agreement.
The initiative, otherwise known as the ‘3C Initiative’, is part of the GABV’s larger commitment to spearhead positive change in the financial industry on pressing social and environmental issues. The intention is to influence the wider banking sector by demonstrating that banks can assess and report on their greenhouse gas emissions.
The Climate Change Commitment (3C Initiative) states that:
The members of the Global Alliance for Banking on Values have pioneered responsible finance proving, on a daily basis, that positive impact can be at the heart of everyday banking. Together they have financed positive social, environmental and cultural change all over the world. Addressing the urgent challenge of climate change, and decarbonising our economy, is only one part of this work, but it is more urgent now than ever. That is why the GABV’s 3C initiative members have committed to assess and disclose the climate impact of their portfolio of loans and investments within a period of three years, and ultimately to ensure the climate impact of their loans and investments are in line with the Paris Agreement.
The list of participating banks and credit unions that have agreed to the Climate Change Commitment (*as of September 2023) is:
- Alternative Bank Schweiz (Switzerland)
- Amalgamated Bank (USA)
- Bank Australia (Australia)
- Banca Etica (Italy and Spain)
- BancoSol (Bolivia)
- Banco Popular (Honduras)
- Bank Muamalat (Malaysia)
- Beneficial State Bank (USA)
- BRAC Bank (Bangladesh)
- Caisse d’économie solidaire Desjardins (Canada)
- Center Invest (Russia)
- Charity Bank (UK)
- Clearwater Credit Union (USA)
- Cooperativa Abaco (Peru)
- Cooperative Bank of Karditsa (Greece)
- Cultura Bank (Norway)
- Ecology Building Society (UK)
- Ekobanken (Sweden)
- ESAF Small Finance Bank (India)
- Freie Gemeinschaftsbank Genossenschaft (Switzerland)
- GLS Bank (Germany)
- Banco Integral (El Salvador)
- LAPO Microfinance Bank (Nigeria)
- MagNet Bank (Hungary)
- Merkur Cooperative Bank (Denmark)
- NMB Bank (Nepal)
- Sunrise Banks (USA)
- 3Bank (Serbia)
- Triodos Bank (The Netherlands, Belgium, UK, Spain and Germany)
- Vancity (Canada)
- Verity Credit Union (USA)
- UmweltBank (Germany)
- EastRise (USA)
