Eleven Banks Pledge to Pro­mote Cli­mate Trans­parency

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Agroup of 11 global banks rep­re­sent­ing over $7 tril­lion, in­clud­ing ANZ, Bar­clays, Brade­sco, Citi, Itaú, Na­tional Aus­tralia Bank, Royal Bank of Canada, San­tander, Stan­dard Char­tered, TD Bank Group and UBS have joined a UN En­vi­ron­ment-led ini­tia­tive to im­prove their as­sess­ment and dis­clo­sure of cli­mate-re­lated risks and op­por­tu­ni­ties. They have agreed to work to­ward im­ple­ment­ing the fi­nal rec­om­men­da­tions is­sued by the Fi­nan­cial Sta­bil­ity Board’s Task Force on Cli­mate-Re­lated Fi­nan­cial Dis­clo­sures (TCFD) that were tabled end of June 2017.

The re­port is ex­pected to help in im­prov­ing stake­hold­ers’ un­der­stand­ing of cli­mate-re­lated risks and op­por­tu­ni­ties. It’s cer­tainly help­ful for fi­nan­cial in­sti­tu­tions who will be bet­ter placed to help fi­nance the tran­si­tion to a more sta­ble and sus­tain­able econ­omy low-car­bon econ­omy.

“The mes­sage from fi­nan­cial heavy­weights is clear - cli­mate change poses a real and se­ri­ous threat to our econ­omy,” said head of UN En­vi­ron­ment, Erik Sol­heim. “At the same time, there are enor­mous busi­ness op­por­tu­ni­ties in tak­ing cli­mate ac­tion. Trans­parency on how fi­nan­cial in­sti­tu­tions mit­i­gate the risks and seize the op­por­tu­ni­ties of a two de­grees path­way is cru­cial to move in­ter­na­tional mar­kets to­wards ac­tively sup­port­ing a low-car­bon and cli­mate-re­silient fu­ture.”

TCFD was headed by Michael Bloomberg, Chair­man, Founder and Pres­i­dent Bloomberg L.P. Sole In­dian in the 25-mem­ber group was Koushik Chat­ter­jee, Group Ex­ec­u­tive Di­rec­tor, Fi­nance and Cor­po­rate, Tata Group.

Af­ter the G20, the is­sue now is about im­ple­men­ta­tion: how can the fi­nance in­dus­try put the frame­work into prac­tice and de­liver dis­clo­sure that is mean­ing­ful? Through this and other in­dus­try-led work­ing groups UNEP FI is help­ing the fi­nance sec­tor to do just that: move from aware­ness to ac­tion.

Va­suki Shas­try, Global Head, Public Af­fairs and Sus­tain­abil­ity, Stan­dard Char­tered said: “Cli­mate change is a prob­lem which re­quires global am­bi­tion and ac­tion; the work of the Task­force on Cli­mate-Re­lated Fi­nan­cial Dis­clo­sures is an im­por­tant step in de­liv­er­ing this. We look for­ward to work­ing col­lab­o­ra­tively through the UN En­vi­ron­ment Pro­gram to ex­plore how th­ese dis­clo­sures can be prac­ti­cally im­ple­mented by the bank­ing sec­tor.”

The UN En­vi­ron­ment Fi­nance Ini­tia­tive is a part­ner­ship be­tween UN En­vi­ron­ment and the global fi­nan­cial sec­tor cre­ated in the wake of the 1992 Earth Sum­mit with a mission to pro­mote sus­tain­able fi­nance. Over 200 fi­nan­cial in­sti­tu­tions, in­clud­ing banks, in­sur­ers and in­vestors, work with UN En­vi­ron­ment to un­der­stand to­day’s en­vi­ron­men­tal chal­lenges, why they mat­ter to fi­nance, and how to ac­tively par­tic­i­pate in ad­dress­ing them.

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