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On Borrowed Time: New Report Finds Banks Making Slow Progress in Fast Changing ClimateBOSTON, January 18, 2017 /PRNewswire/ -- A new report examining 28 of the world's largest banks on their management of climate-related risks concludes they are failing to align their business practices with targets to keep global temperature rises below two degrees. The analysis finds some notable progress by major banks over the last year including:
However with the Paris Agreement now entered into force, the report concludes that banks are still not doing enough to embed climate risk into their assessment of credit. Shortcomings of the banking sector include:
Lauren Compere, Managing Director at Boston Common Asset Management, said: "From stress tests to strategy, bonuses to benchmarks, investors are very pleased to see the new tools, policies and programs that banks are adopting to manage climate risk. But there remains room for improvement and serious issues of integration that must be resolved. The investors behind this report call on banks to not only expand the use of tools to collect climate data - but most crucially to integrate this data into their decision making process. There is no point in having tools without putting them to effective use. 1. http://www.banktrack.org/show/article/new_report_finds_banks_betting_on_climate_change "It makes little financial sense that bank financing of carbon intensive sectors such as coal - likely to become stranded assets, still outpaces green financing." FULL REPORT AVIALABLE VIA THIS LINK: https://bostoncommonasset.com/Membership/Apps/Boston_Resources_Holder_App.aspx?IX_mId=18 Notes to editor For more information contact:
SOURCE Boston Common Asset Management |