MADRID, Dec. 9 (Xinhua) -- Over 20 of Spain's leading banks on Monday signed a commitment to take measures that will bring them in line with the aims of the Paris Agreement on climate change, the Spanish Ministry for Ecological Transition said.
The agreement was signed in the Spain pavilion during the session "Collective Commitment of Spanish Banks with Climate Action" during the ongoing UN Climate Change Conference (COP25) in Madrid.
The act was presided over by Jose Maria Roldan, head of the Spanish Banking Association (AEB) and other representatives of the Spanish banking sector.
As part of the agreement, the banks have committed to contribute to "measures that limit the increase in global temperature, as well as reducing vulnerability to the effects of climate change."
They will also deliver annual progress reports on how these commitments are being implemented.
Meanwhile, the next 12 months will see the banks "accelerate the shift towards lower carbon emissions and greater climate resilience through sustainable technologies and business models."
The agreement seeks to bring Spain's banks in line with the Paris Agreement and the United Nations Sustainable Development Goals.
