The top five climate risk stories this week GFANZ may splinter over legal risks US banks may walk away from the world’s largest climate finance alliance over its toughened decarbonization commitments. JP Morgan, Bank of America, and Morgan Stanley are among the Wall Street giants threatening to leave the Glasgow Financial Alliance for Net Zero […]
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US Hires Chief Climate Risk Officer, Financial Institutions Ramp up Climate Hires, and More
The top five climate risk stories this week US regulator hires chief climate risk officer US bank watchdog the Office of the Comptroller of the Currency (OCC) appointed its first chief climate risk officer, who will be responsible for addressing the threat of global warming to the federal banking system. On Monday, the agency announced […]
How to Kick-Start a Climate Action Plan
Companies big and small are thinking about producing climate action plans. Some are under pressure to do so from regulators or shareholders, while others are being encouraged by large companies in their value chains. Many more businesses may be driven by their values or by more prosaic concerns, like protecting themselves from climate-related financial risks. […]
Financial Institutions Should Wise Up to Climate-Related Sovereign Risks
Climate threats to sovereigns’ creditworthiness are on the rise. Are financial institutions on top of their exposures? Pakistan. China. Kenya. Each country is grappling with the devastating impacts of different physical climate risks — from titanic floods to blistering heat waves. Each nation also provides a drastic example of how climate change can disrupt national […]
Federal Reserve to Run Climate Analysis, Central Banks Publish New Scenarios, and More
The top five climate risk stories this week Federal Reserve to run climate analysis of major lenders The Federal Reserve will assess how much Wall Street banks may be impacted by climate change in 2023, the agency’s top regulatory official said. In a speech Wednesday, Michael Barr — the Fed’s Vice Chair for Supervision — […]
Where women lead, money follows
Weekly round-up: August 29 -September 2
The top five climate risk stories this week 1) Climate risk rules proposed for top UK pension scheme The UK government wants the country’s largest public pension scheme to crack down on its climate risks. Under a proposal drawn up by the Department for Levelling Up, Housing and Communities, the Local Government Pension Scheme (LGPS) — which […]
Climate risk regulation rundown: August 2022
What happened in climate-related financial regulation last month, and what’s coming up The US Securities and Exchange Commission (SEC) ended its consultation on a proposed rule to enhance ESG fund disclosures on August 16. The agency received over 170 comment letters from financial industry associations, lawmakers, and non-governmental organizations, among others. A letter from 21 Republican state attorneys-general demanded that the […]
An Economic Slump is No Reason to Skimp on ESG
High inflation and slow economic growth have darkened the outlook for businesses. Big and small companies face higher costs and lower profits, and many are reviewing their expenditures to see where they can save. A recent survey found that investments for improved sustainability and reduced environmental impact are among the most likely to be cut […]
Weekly round-up: August 22-26
The top five climate risk stories this week 1) Texas blacklists financial institutions over fossil fuel policies Texas has banned state pension funds from investing in 10 banks and asset managers it says are hostile to fossil fuels. BlackRock, BNP Paribas, Credit Suisse, Danske Bank, Jupiter Fund Management, Nordea, Schroders, Svenska Handelsbanken, Swedbank, and UBS are […]