The Spitsbergen ambition 2018-2020 is a commitment between Dutch financial institutions wishing to collectively combat climate change via their loans and investments. The aim is to collectively accelerate the transition to a green and low CO2 economy.

 

Our climate is developing towards an irreversible momentum with huge consequences for life on earth. At the same time, we see potential for using our loans and investments to make a positive contribution to combating this development. We see this as a collective responsibility. Together, we can combat climate change, for instance by using our loans and investments to accelerate the reduction of CO2 emissions on the way to a green and low CO2 economy. In addition, we can actively invest in new initiatives that contribute to a sustainable economy that helps the climate and to the international targets established in the Paris Climate Agreement[1]. For the Netherlands, we commit to the climate targets set in the coalition agreement (49% CO2 reduction in 2030, 100% in 2050), with the aim of bringing these targets forward where this is possible[2].

To back up the above, all the participating financial institutions commit to:

  1. active measurement and external reporting on climate impact, including CO2/‚ā¨ and financed technology, for all measurable loans and investments, using PCAF[3], 2Dii[4], or similar measurement methodologies, and using the results for sustainable investment strategies;
  2. using climate scenario analyses and science-based targets[5] to support our financial and investment policy and our strategies in order to comply with the Paris Agreement;
  3. supporting governments in achieving their national climate targets. For the Netherlands, this means that we contribute to accelerating the reduction of CO2 emissions of all measurable loans and investments, so that the financial institutions take their responsibility with respect to achieving the 49% CO2 reduction for the Netherlands in 2030 and where possible sooner;
  4. integrating actual climate targets in our organisations to encourage positive action on the climate up until the level of our employees;

Our actions to achieve this will include:

  1. actively searching for possibilities to invest collectively in climate solutions, possibly through new financial constructions, and thereby inviting other financial parties to combine their efforts[6];
  2. raising awareness and knowledge among the companies and projects that we fund or in which we invest by actively engaging in a dialogue on climate;
  3. meeting at least every six months to discuss the climate impact of our loans and investments (for instance, progress on CO2 reduction), share dilemmas and ideas and inspire each other with new opportunities and successes.[7]

The following parties endorse this ambition:
ABN Amro, ACTIAM, Aegon Nederland, ASN Bank, ASR, AXA IM Nederland, BNG Bank, DoubleDividend, FMO, ING, NNEK Vermogensopbouw, Rabobank, SET Ventures, Triodos Bank, de Volksbank

 

[1] Limiting global warming to well below 2 degrees Celsius, with a clear prospect of achieving 1.5 degrees Celsius. See also: https://www.rijksoverheid.nl/onderwerpen/klimaatverandering/nieuws/2015/12/12/nederland-stemt-in-met-historisch-klimaatakkoord
[2] https://www.rijksoverheid.nl/onderwerpen/klimaatverandering/klimaatbeleid
[3] http://carbonaccountingfinancials.com/
[4] https://2degrees-investing.org/about-us/
[5] http://sciencebasedtargets.org/
[6] One example of such a combination of efforts is the cooperation in the context of the Climate Agreement in the Financial Task Force.
[7] The proposal is to do this through the Sustainable Financing Platform of DNB, which includes the Climate Risks, Built-up Environment and Platform Carbon Accounting Financials working groups, among others.