And I would call on the legislator to make this explicit by introducing a legally binding requirement for banks to have such Paris-compatible transition plans as a capstone to the legislative and private sector initiatives already being put in place.
These transition plans should highlight at any given point in time, from now until 2050, the bank’s alignment and potential divergences with the relevant policy objectives through which the EU implements the Paris Agreement. Such a transition plan should be part of a bank’s strategysetting and be closely linked to its business model and business plan.