GABV Member Banks Endorse Fossil Fuel Non-Proliferation Treaty at COP29 in Baku

The Global Alliance for Banking on Values (GABV) at the ongoing United Nations Climate Change Conference (COP29) at Baku in Azerbaijan today announced that 25 of its member banks have endorsed the Fossil Fuel Non-Proliferation Treaty initiative, marking the first collective endorsement of the initiative by financial institutions. 

The treaty is a proposal for a global binding plan to end the expansion of new coal, oil and gas projects, and manage a global transition away from fossil fuels. By endorsing the proposal for a Fossil Fuel Non-Proliferation Treaty, these 25 GABV members are urging the financial sector to take meaningful action in the fight against climate change by ending finance for



fossil fuel expansion. Founded in 2009, the GABV is a network of 70 sustainable banks operating across all major world regions, united by a mission to finance change and change finance. 

They collectively manage 117 billion dollars in assets and serve over 11.3 million people worldwide. The COP29 has been dubbed the “Finance COP,” marking the critical moment for wealthy countries to fund the fight against climate devastation. Delegates from about 200 countries, business leaders, climate scientists, Indigenous Peoples, journalists, and various other experts and stakeholders are attending the summit, which will last until 22nd of November.