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UN Environment to partner global banks to assess climate-related risks

By
Maxwell Awumah, GNA

Hohoe (V/R), July 13, GNA – UN Environment
announced a new joint initiative to strengthen financial institutions’
assessment and disclosure of climate-related risks and opportunities, with
eleven major banks.

This announcement was made in a press release
issued to the Ghana News Agency on Wednesday.

It named the banks as ANZ, Barclays, Bradesco,
Citi, Itaú, National Australia Bank, Royal Bank of Canada, Santander, Standard
Chartered, TD Bank Group, and UBS.

These banks would be working with UN
Environment to develop the necessary tools to enable banks to follow the
recommendations of the Task Force for Climate-related Financial Disclosures
presented at the G20 last week.

It said the Task Force, mandated by the
Financial Stability Board, developed and published, last month made
recommendations for consistent climate-related financial disclosure for
companies, investors, lenders and insurers to use.

Mr Erik Solheim, Executive Director of UN
Environment, said: “the message from financial heavyweights is clear – climate
change poses a real and serious threat to our economy.”

He said: “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.”

It said financial institutions need to improve
their understanding of climate-related risks and opportunities, in order to be
able to scale up their sustainable investment and to help financing the
transition to a low carbon economy.

Liselotte Arni, Head Environmental and Social
Risk, UBS said: “We welcome and support the recommendations of the Task
Force on Climate-related Financial Disclosures. They represent a major step
forward to help businesses and investors assess the risks associated with
climate change. We look forward to working with other banks on implementing the
TFCD’s recommendations.”

GNA

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