The top five climate risk stories this week 1) Wells Fargo sets portfolio emissions targets Wells Fargo published 2030 portfolio emissions targets on Wednesday, the last of the major Wall Street banks to do so. The San Francisco-based lender set targets for two sectors: oil and gas and power. It intends to cut absolute emissions in […]
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Managing Climate Risks for Credit Unions
As climate change continues to impact the world, there is a growing recognition that physical and transition risks threaten credit unions and the wider financial system. Credit unions need to be aware of these risks and opportunities and incorporate them into their business and financial decision-making. Stakeholder awareness of these risks has grown substantially over […]
Climate risk regulation rundown: April 2022
What happened in climate-related financial regulation last month, and what’s coming up Lael Brainard was confirmed by the US Senate as the next Vice Chair of the Federal Reserve on April 26. Brainard has served as a Fed Governor since 2014, and previously worked as Under Secretary of the US Treasury Department. In recent years, Brainard has […]
Weekly round-up: April 25-29
The top five climate risk stories this week 1) UK taskforce to develop “gold standard” for transition plans The UK government launched a Transition Plan Taskforce (TPT) on Monday to direct companies on developing and implementing effective decarbonization strategies. Over a two-year period, the TPT will develop recommendations for a ‘Transition Plan Disclosure Framework’ that UK publicly […]
Could banks’ role in carbon markets be threatened by high capital charges?
A new study by the International Swaps and Derivatives Association suggests market risk rules unfairly penalize carbon trading Carbon markets yo-yoed dramatically in the wake of Russia’s invasion of Ukraine. Futures on European Union Allowances (EUA), the derivatives contracts that facilitate the trading of greenhouse gas emissions in the EU, tumbled 29% from February 28 […]
How the ISSB Standards Could Transform Sustainability Reporting: A White Paper
The International Sustainability Standards Board (ISSB) released draft sustainability- and climate-related disclosure standards on March 31, 2022. These standards have the potential to become the baseline for corporate reporting around the world and to dramatically increase investors’ understanding of climate-related risks and opportunities. Our white paper describes the ISSB’s origins and purpose, as well as […]
Weekly round-up: April 18-22
The top five climate risk stories this week 1) GFANZ pressured to raise climate ambitions Strong leadership is needed to stop the Glasgow Financial Alliance for Net Zero (GFANZ) from becoming a “smokescreen” to mask inaction by banks, asset managers, and asset owners on decarbonization, climate groups say. In a letter sent Thursday, on the first anniversary […]
Why Climate Governance is Critical to Drive Climate Action
April 20th, 2022 In this webinar, we discuss how many boards still struggle when it comes to climate change. That’s why it’s so important that they begin their climate journey with a well-thought-out and clearly articulated governance process in place. Sign up below to watch our discussion. Don’t be left behind. We’ll help you See […]
What the Proposed SEC Climate Rule Means (and Doesn’t Mean) for REITs
Download our white paper as we provide an overview of the proposed rule and how it could forever change how US-listed companies assess, manage, and disclose their climate-related risks. On March 21, the US Securities and Exchange Commission (SEC) released its long-awaited proposed rule for mandatory climate disclosure for issuers. The 500+ page document outlines […]
US regional banks team up to tackle climate risk
The Risk Management Association’s new consortium could reduce the climate change learning curve for smaller lenders Wall Street does not have a monopoly on banking in the US. While the biggest lenders hog the headlines, thousands of smaller entities quietly provide critical financial services to communities and companies all across the country. By one measure, […]