Climate change is increasingly recognized as a risk factor in the financial sector. Image source: Shutterstock (#565974739)
A news release by the UN Environment Programme (UNEP) revealed that ANZ, Barclays, Bradesco, Citi, Itaú, National Australia Bank, Royal Bank of Canada, Santander, Standard Chartered, TD Bank Group, and UBS have committed to develop analytical tools and indicators to strengthen assessments and disclosures of climate-related risks and opportunities.
The collaboration of the UNEP and the companies comes after recommendations made by the Financial Stability Board (FSB)’s Task Force on Climate-Related Financial Disclosures (TCFD). It is expected that results will encourage banks all over the globe to adopt similar climate-focused efforts.
“The message from financial heavyweights is clear – climate change poses a real and serious threat to our economy,” said Erik Solheim, the Executive Director of UNEP, in the release.
Eco-BusinessWhy not share this article?
