"World Wildlife Fund report warns ASEAN banks," 09 September 2018

A new World Wildlife Fund for Nature (WWF) report finds that Asean’s...biggest banks are increasingly aware of the impact their businesses have on the environment and society, but are slow to act on the huge potential they hold in addressing climate change and financing sustainable food, energy and infrastructure systems in the region.

The report...found that Asean banks were not disclosing how they managed climate risks in line with the recommendations of the Taskforce for Climate-related Financial Disclosures (TCFD).

Of the 34 banks assessed in six Southeast nations, including Việt Nam, only four disclosed that senior managers have oversight of climate change risks and opportunities, a key recommendation of the TCFD.

...[N]one of the banks disclosed whether they had reviewed their portfolio exposure to climate risks. They had also not disclosed their portfolio alignment with the Paris Climate Change Agreement or Sustainable Development Goals (SDGs).

Regarding specific environmental and social risks, only five banks in Asean recognized deforestation risks – a key contributor to climate change – in their clients’ activities and only two recognized water risks...

---

Note: The report, Sustainable Banking in ASEAN, can be accessed here.