LGT Private Banking has signed the accession agreement to the Net-Zero Banking Alliance of the UN. The members of this newly founded initiative are committed to reducing their emissions to net zero by 2050. For LGT this is a further, important step in its sustainability strategy.
With the Paris Climate Agreement of 2015, the member states of the United Nations signed up to the goal of limiting global warming to 1.5 degrees Celsius compared to pre-industrial levels. The financial sector can make a decisive contribution to reaching this ambitious goal. In the newly founded Net-Zero Banking Alliance (NZBA), 43 financial institutions from 23 countries are committing themselves to comprehensive climate protection measures. LGT Private Banking is a founding member of this initiative. The goal of the NZBA is to remove carbon-intensive, climate-damaging sectors from their investment portfolios. Scientific climate scenarios are to be used to determine sector-specific, intermediate and long-term goals for the alignment of their portfolios. Concrete goals and regular reporting will give the banks the framework necessary to be able to advance change themselves, to decarbonize their client portfolios, and to promote real economic change.
After signing the UN Principles for Responsible Banking in November 2020, which provides a framework for a sustainable finance sector, LGT Private Banking's membership of the NZBA is a further important step in its comprehensive sustainability strategy.
H.S.H. Prince Max von und zu Liechtenstein, Chairman LGT: "We want to be among the pioneers when it comes to sustainability. Having a concrete framework and objectives can help us to advance the issue further. That's why we are very happy about the UN’s Net-Zero Banking Alliance initiative. 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."
Olivier de Perregaux, CEO LGT Private Banking: "As an international, globally active private bank, we are convinced that banking and the whole financial sector have to 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."