Report urges banks to disclose lending to companies with carbon-related risks

What is the financial risk for banks lending money to fossil power plants? Image source: Shutterstock (#541995397)

A new report by the Task Force on Climate-related Financial Disclosures, part of a G20 initiative led by governor of the Bank of England Mark Carney and former mayor of New York City Michael Bloomberg, says companies should help economies estimate climate-related risks better by disclosing relevant information in their filings. The report recommends revealing all direct and indirect greenhouse gas emissions, and 100 businesses with over $2 trillion of combined annual revenue have already committed to the cause.

“Climate change presents global markets with risks and opportunities that cannot be ignored, which is why a framework around climate-related disclosures is so important,” Bloomberg said in a statement.

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