I firmly believe that the engagement of the business sector in fighting climate change is crucial.
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Source: Press release
The Climate Group has announced that it is working with a group of major international financial institutions to develop the first comprehensive global framework for the sector’s response to climate change. There is currently no single framework to guide best practice across the global financial services sector.
The new framework will not only guide operational greenhouse gas (GHG) emission reduction commitments, but also provide strategic direction across the full range of products and services including research, asset management, retail banking, corporate banking, insurance and re-insurance, investment banking and project finance. It is intended to align with, and build on, existing initiatives to ensure a consistent and effective sectoral approach to tackling climate change.
Steve Howard, CEO, The Climate Group said: “We have been encouraged by the high level of industry commitment to launch an umbrella framework that advances industry best practice. The finance sector has a crucial role in enabling the low carbon economy and accelerating climate action across other industry sectors. We believe this voluntary approach will drive a deeper understanding of the commercial implications of climate change and the role financial institutions can play in assisting their customers and clients with the adaptation and mitigation efforts needed to address climate change.”
Establishing a common and framework will enable financial institutions to demonstrate the importance they place on embedding climate change considerations into core business strategy and activity and to publicly disclose progress against key indicators.
Steve Howard said: “Initial feedback from stakeholders across the sector has been extremely constructive and supportive. Important groundwork is nearing completion but this is a long term process and everyone involved is keen to welcome other global banks and financial institutions into the initiative in the coming months.”
The Climate Group expects to publish the framework in the next few months. All international financial institutions are invited to support the framework and The Climate Group looks forward to expanding discussions with interested stakeholders once the framework is in the public domain and the current turmoil in financial markets subsides.
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