Even before they have worked out all the details, banks can publicly declare their intention to end financing for new fossil fuel projects, phase out financing for fossil fuel companies that lack strategies to adequately reduce their emissions, and align with the 1.5° target of the Paris Agreement. Next, they must produce a detailed plan for how they will achieve those goals. Finally, they must follow through on that plan, and report regularly on their progress.
To set the course towards 2030, banks must announce their commitment to Paris-alignment by 2021 shareholder season and disclose concrete plans to phase out fossil fuel financing by COP26 in November 2021.