3 top banks partner with RMI to create the Aluminum Climate-Aligned Finance Working Group
Three of the world’s biggest lenders to the Aluminium sector – Citi, ING, and Societe Generale – will be partnering with RMI’s Center for Climate-Aligned Finance in an effort to help decarbonise the aluminium sector. ASI is part of the new Aluminum Climate-Aligned Finance Working Group that aims to create consistency and transparency in both reporting and measuring progress against climate targets.
27 June 2022
Last week RMI announced that three of the worlds biggest lenders to the Aluminium sector – Citi, ING, and Societe Generale – will be partnering with RMI’s Center for Climate-Aligned Finance in an effort to help decarbonise the aluminium sector. The aim of the Aluminum Climate-Aligned Finance Working Group will be to create a collective climate-aligned finance (CAF) framework that defines how lenders can support the decarbonization of the aluminum sector.
The Working Group comprises senior metals and mining leaders from each participating financial institution and will be facilitated by RMI’s Center for Climate-Aligned Finance. The Working Group aims to create a CAF framework in consultation with leading aluminum and climate organizations, such as the International Aluminium Institute and the Aluminium Stewardship Initiative. The framework will create consistency and transparency in both reporting and measuring progress against climate targets. Financial institutions that adopt the final CAF framework will be able to assess the emissions of their aluminum loan books and work with their clients to report their emissions, fund lower-carbon solutions, and support investments in new technologies.
The Working Group will establish the measurement methodology, emissions benchmark, data and reporting framework, and governance structure for the CAF framework in collaboration with existing decarbonisation initiatives. The Working Group will invite other financial institutions to adopt the CAF framework in early 2023 and help set global best practices on climate for aluminium finance.
“The development and uptake of harmonized methods to account for and disclose emissions, to develop targets, and to measure performance is critical to the success of the Aluminium Stewardship Initiative’s sustainability certification scheme. We are therefore delighted to partner with RMI’s Center for Climate-Aligned Finance, to bring together actors from along the aluminium value chain, from civil society, and from the financial sector to build the necessary tools for climate action. We look forward to the ultimate deployment of the developed tools by the aluminium sector through ASI’s standards and beyond.”
– Dr Fiona Solomon, CEO, Aluminium Stewardship Initiative
Press Contacts
Citi – Stephanie Hyon | +1-212-816-3397 | stephanie.hyon@citi.com
ING – Astrid Overeem | +31 20 563 84 90 | astrid.overeem@ing.com
Societe Generale – Sophie Dobrzensky | +33 1 57 29 19 11 | sophie.dobrzensky@socgen.com
RMI – Shravan Bhat | sbhat@rmi.org | media@rmi.org
Aluminium Stewardship Initiative – Thad Mermer | thad@aluminium-stewardship.org
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