The framework will provide banks and other institutions with operational emission reduction targets. It will also provide strategic direction across the full range of products and services including research, asset management, retail banking, corporate banking, insurance and re-insurance, investment banking and project finance. It is intended to align with and build on existing initiatives to ensure a consistent and effective approach to combating climate change.
Climate Group CEO Steve Howard said:
“The finance sector has a crucial role in enabling the low carbon economy and accelerating climate action across other industry sectors. We believe this voluntary approach will drive a deeper understanding of the commercial implications of climate change and the role financial institutions can play in assisting their customers and clients with the adaptation and mitigation efforts needed to address climate change.”
The Climate Group expects to publish the framework in the next few months.