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Banks Worth $47 Trillion Adopt New U.N.-Backed Climate Principles
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Smoke billows during a fire in an area of the Amazon rainforest near Porto Velho, Rondonia State, Brazil, September 17, 2019. REUTERS/Bruno Kelly
CLICK HERE - UN - Principles for Responsible Banking
reuters.com - by Matthew Green - September 22, 2019
Banks with more than $47 trillion in assets, or a third of the global industry, adopted new U.N.-backed “responsible banking” principles to fight climate change on Sunday that would shift their loan books away from fossil fuels.
Deutsche Bank (DBKGn.DE), Citigroup (C.N) and Barclays (BARC.L) were among 130 banks to join the new framework on the eve of a United Nations summit in New York aimed at pushing companies and governments to act quickly to avert catastrophic global warming.
“These principles mean banks have to consider the impact of their loans on society – not just on their portfolio,” Simone Dettling, banking team lead for the Geneva-based United Nations Environment Finance Initiative, told Reuters.
(CLICK HERE - READ COMPLETE ARTICLE)
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Markets Face Major Risks Over Lax Climate Forecasts
reuters.com - by Ron Bousso - September 22, 2019
Financial markets risk major disruptions by relying on business-as-usual forecasts that underestimate the impact of climate-change policies that are expected to abruptly tighten next decade, a leading group of investors has warned.
The report by the U.N.-backed Principles of Responsible Investing (PRI), representing investors with $86 trillion of assets under management, joins a growing chorus of warnings that forecasts and investments by oil and gas companies are out of sync with the pace needed to meet energy transition targets.
The International Energy Agency’s central outlook, which underpins many government and business projections, is not aligned with targets set out in the 2015 Paris climate agreement to limit global warming to “well below” 2 degrees Celsius by slashing greenhouse gas emissions, the PRI warned.
CLICK HERE - Markets face major risks over lax climate forecasts, top investors warn
Firms Ignoring Climate Crisis Will Go Bankrupt, Says Mark Carney
theguardian.com - by Damian Carrington - October 13, 2019
Bank of England governor warns of financial collapse linked to climate emergency
Companies and industries that are not moving towards zero-carbon emissions will be punished by investors and go bankrupt, the governor of the Bank of England has warned.
Mark Carney also told the Guardian it was possible that the global transition needed to tackle the climate crisis could result in an abrupt financial collapse. He said the longer action to reverse emissions was delayed, the more the risk of collapse would grow.
(CLICK HERE - READ COMPLETE ARTICLE)