(Boursier.com) — Societe Generale and four other preeminent banks — BNP Paribas, Citi, Crédit Agricole CIB and Standard Chartered — have developed, in partnership with RMI (Rocky Mountain Institute), an innovative framework aimed at allowing banks to measure and publish the emissions of their portfolios of loans in aeronautics in a coherent and exhaustive manner.
The ‘Pegasus Guidelines’ represent the very first common climate alignment framework applicable to financing. These recommendations, which are consistent with guidance from the Net Zero Banking Alliance (NZBA), have been designed to help banks independently measure and report the emissions intensity and/or climate alignment of their financing portfolios aeronautics on a 1.5 oC scenario.
The aviation industry contributes 2.5% to global CO2 emissions and is the fastest growing mode of transport. The success of the sector’s transition to a low-carbon economy will be based on increased and significant use of sustainable aviation fuels (SAF), the continued development of hydrogen and battery electric propulsion, and on the renewal of the fleet.
Financial institutions have an important role to play in supporting the sector’s transition through financing technologies, projects and businesses that are able to contribute to a low-carbon future.
Yann Sonnallier, Global Head of Aviation Finance at Société Générale, commented: “Societe Generale is proud to be one of the founding members and first users of the Pegasus Guidelines, as well as the intense collaboration since 2022 to establish this framework. benchmark, compliant with NZBA requirements and working for the benefit of all stakeholders in the aeronautical sector.”
©2024 Boursier.com