The Latest: 5 banks work to reduce greenhouse emissions

The Latest on climate talks taking place in Poland (all times local):

10:50 a.m.

Five international banks are pledging to use the billions at their disposal to steer clients away from businesses that emit large amounts of greenhouse gases.

The banks, led by ING of the Netherlands, announced the plan Tuesday on the sidelines of the U.N. climate summit in Poland.

The Katowice Commitment, named after the city hosting the two-week summit, is also backed by BBVA, Standard Chartered, BNP Paribas and Societe Generale.

The banks, with a combined loan book of over 2.4 trillion euros ($2.72 trillion), say they want to support the Paris accord on curbing climate change.

Measures include developing tools to ensure lending is aligned with emissions-reduction goals and financing low-emissions technologies.

The banks say they won’t exclude any clients but instead “work with them on their transition.”

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10:05 a.m.

Negotiators gathered for the U.N. climate talks in Poland are getting down to the nitty-gritty part of the two-week meeting.

Diplomats from almost 200 countries began holding a series of technical talks Tuesday aimed at finalizing the rules that define the 2015 Paris accord on curbing global warming.

Decisions on crunch issues are expected to be left to ministers when they return to the southern Polish city of Katowice next week.

U.N. Secretary-General Antonio Guterres made a dramatic appeal to governments Monday to confront the threat of unchecked climate change.

Scientists say manmade emissions of greenhouses gases must be reduced to net zero by 2050 to stop catastrophic warming this century.

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Read more stories on climate issues by The Associated Press at https://www.apnews.com/Climate

Source: abcnews.go.com

Author: Tech Poster

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