Global Alliance Of Banks Support Fossil Fuel Treaty

Baku: As the UN climate conference (COP29) is underway in Baku in Azerbaijan, the Global Alliance for Banking on Values (GABV) on Thursday announced that 25 of its member banks have endorsed the Fossil Fuel Non-Proliferation Treaty initiative, marking the first collective endorsement of the initiative by financial institutions.

The treaty is a proposal for a global binding plan to end the expansion of new coal, oil and gas projects, and manage a global transition away from fossil fuels.

Founded in 2009, the GABV is a network of 70 sustainable banks operating across all major world regions, united by a mission to “finance change and change finance”.

By endorsing the proposal for a Fossil Fuel Non-Proliferation Treaty, these 25 GABV members are urging the financial sector to take meaningful action in the fight against climate change by ending finance for fossil fuel expansion.

They collectively manage $117 billion in assets and serve over 11.3 million people worldwide.