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Boston Common Asset Management & investor coalition call on world's largest banks to release more robust climate-related disclosure

"Making climate change banks' business", 19 September 2017

[The 2017] New York Climate Week, highlight[ed] the important role of the world's 60 biggest banks have to play in... financing new low-carbon technology and climate mitigation infrastructure... as the main financial intermediares in the global economy... Boston Common has continued to lead a coalition of over a hundred investors with assets totalling nearly $2 trillion, calling on the world’s largest banks – including... HSBC, Lloyds, Bank of America, JPMorgan Chase, Morgan Stanley and Deutsche Bank - to disclose more information about their exposure to climate-related risks and opportunities... As climate risk becomes recognized as critical to banks, investors want to know whether this risk is being managed well and at the highest levels of the organization... Some of the best-practice standards emerging and encourage across the board include:

  • Risk managment commitments... relating to climate risks... such as that by Standard Chartered, to introduce new assessment criteria relating to climate risks for energy industry clients in order to promote alignment with a 1.5°C climate scenario
  • Strategy and governance commitments such as Barclays linking senior executive compensation to company performance on climate strategy-related goals
  • JPMorgan Chase's... commitment to facilitate $200 billion in clean financing through 2025 – one of the largest the banking industry has seen to date
  • Policy engagement... by the insurance sector

[also refers to: Boston Common Asset Management, Standard Chartered, Natixis, ING, Barclays, Aviva, Aegon, Amlin]