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Eleven of the world's leading banks to work with United Nations to promote climate transparency

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Representing over $ 7 trillion, the banks include ANZ, Barclays, Bradesco, Citi, Itaú, National Australia Bank, Royal Bank of Canada, Santander, Standard Chartered, TD Bank Group and UBS

Together with the UN Environment Finance Initiative (UNEP FI), eleven of the world’s leading banks announced today a commitment to develop analytical tools and indicators to strengthen their assessment and disclosure of climate-related risks and opportunities. Following the publication last month of the final recommendations by the Financial Stability Board’s (FSB) Task Force on Climate-Related Financial Disclosures (TCFD), the banks not only welcome the recommendations but are the first from their industry to work towards adopting key elements of the ground-breaking framework.

The Financial Stability Board, chaired by Bank of England Governor Mark Carney, mandated the Task Force to develop voluntary, consistent climate-related financial risk disclosures for use by companies, investors, lenders and insurers. Increasing the amount of reliable information on financial institutions’ exposure to climate-related risks and opportunities will strengthen the stability of the financial system and help boost climate‑friendly investments. Chaired by the former Mayor of New York, Michael Bloomberg, the Task Force’s final recommendations were published at the end of June and submitted to the G20 last week.

The recommendations are welcomed by financial institutions and civil society alike, as the role of the finance sector in meeting the Paris Climate Agreement’s goals becomes increasingly clear. This first mover project to implement the recommendations puts the eleven UNEP FI members in the vanguard of this effort. Its results will be made public to encourage banks worldwide to adopt the scenarios, models and approaches developed.

Last Updated on Monday, 17 July 2017 12:32  
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