This article describes the failure for many banks around the globe to identify and move away from investments that incur climate risks.
was issued, which is a new report that illuminates how corporate cash and investments are major sources of emissions. Their results illuminate how climate-concerned businesses like Google, Meta, Microsoft, and Salesforce are effectively misstating their carbon footprints — they fail to account for cash holdings that banks repurpose, at least in part, to fund fossil fuel development.
Frank Elderson, Vice-Chairman of the ECB’s Supervisory Board, stated that “this exercise is a crucial milestone on our way to make our financial system more resilient to climate risks.” The results were so startling that the ECB itself announced that it wanted to decarbonize its bond holdings and make its monetary policy more climate-friendly.that banks in the Euro area need to “urgently” step up their efforts to measure and manage climate risks. Banks are now expected to act decisively and develop robust frameworks for climate stress tests in the short to medium term.
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