While encouraging progress is being made, the banking sector still has a long way to go in confronting the business challenges posed by global climate change, according to a first-ever report issued today by the Ceres investor coalition that analyzes climate change governance practices of 40 of the world’s largest banks.
Banks and financial institutions, with nearly $6 trillion in market capitalization, are a key player in combating the impacts of climate change and supporting the investments necessary to move the world economy on a pathway to reduced greenhouse gas emissions.
The report found that a growing number of European, U.S. banks and Japanese banks are responding to the risks and opportunities presented by climate change, primarily by setting internal greenhouse gas (GHG) reduction targets, boosting climate-related equity research and elevating lending and financing for clean energy projects. But many others are still not addressing climate change and only a handful of the 40 banks have begun integrating climate risks into their core business of lending by pricing carbon into their finance decisions or setting targets to reduce GHG emissions in their lending portfolios.
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