Climate Change Resolutions in the Banking World
By Oscar McCarthy & Alex Voicu
A featured article of our November 2020 edition of PRMIA's Intelligent Risk quarterly newsletter
2019 was the year in which Climate Change moved from being a topic of fringe interest to one at the heart of many public policy discussions. Within financial services, this now includes increasing use of environmental disclosures in investment and lending decisions, with many firms steering away from ‘brown’ assets in favour of ‘green’ ones. A central bank alliance, the Network for Greening the Financial System (NGFS) was launched, to coordinate global regulatory action. 2020 will see many banks start to assess the impact of climate change on their own businesses, for example via stress tests and capital assessments.
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