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Momentum from the COP28 agreement is starting to ripple through the financial sector as some banks roll out stricter emissions-driven lending requirements based on the summit鈥檚 concluding language that the world needs to 鈥渢ransition away鈥� from fossil fuels. In the week following agreement on the COP28 text, Credit Agricole and ING both updated their climate lending policies to reflect commitments made by countries in Dubai. But notably, such initiatives have so far been limited to European institutions, with US banks 鈥� facing political pushback 鈥� notably quieter on climate-related moves these days. COP meetings are important in influencing the broad direction of national policies, but also in creating momentum in the private sector, especially the financial community. The 2015 Paris Agreement stimulated carbon targets across that sector, including creation of the Taskforce on Climate-Related Financial Disclosures and the Climate Action 100+ group, while the 2021 COP26 meeting generated the Glasgow Financial Alliance for Net Zero. 鈥淲hat finance was probably looking for is a signal that we're still going in the same direction,鈥� says Linda-Eling Lee, who leads financial services provider MSCI鈥檚 Sustainability Institute, adding that the direction 鈥� decarbonization 鈥� and destination 鈥� 1.5掳C 鈥� were confirmed. ING said it would cut lending to upstream oil and gas activities by 35% by 2030 and end it by 2040. Credit Agricole aims to cut its emissions linked to oil and gas financing by 75% by 2030, hiking a goal of 30% set last year. Among public-sector moves, Australia announced in Dubai that it would stop public financing for overseas oil, gas and coal projects, joining around 40 other countries in an initiative launched at COP26. The World Bank said it would devote 45% of its financing in fiscal 2024/25 to climate-related projects.