Finance industry urged to act on climate change
by Imogen Berryman
What's Going On Here?
This week, The Network for Greening the Financial System (NGFS) released a report urging the finance industry to take responsibility for their role in climate change.
What Does This Mean?
The report was backed up by a powerful speech by Sarah Breeden, the Bank of England and an article by The Governor of the Bank of England, Mark Carney, and Francois Villeroy de Galhau, Governor of the Banque de France and Frank Elderson, Chair of NGFS.
Together, they have recommended actions for banks, supervisors, policymakers and financial institutions to better manage the risks of climate change and consider global warming central to the way they operate.
Why Should We Care?
The message to the finance sector was to start incorporating and imbedding climate change into their operations via risk management and future planning.
Ben Caldecott, Sustainable Finance Programme said:
“This is the clearest set of guidelines we have yet seen from any central bank or regulator for what banks and insurance should be doing to proactively manage climate risks.”
Banks investing in companies that hold risky assets such as fossil fuel companies or diesel vehicle manufacturers are increasing this risk.
Don’t wait for them to change, do your own thing and make sure your bank is green, investing in environmentally friendly, low risk organisations and projects. Read our article on ethical banking here.
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