Climate Changed
Banks Told They're Lagging on Response to Climate Risks
- Under 50% of banks have hard targets for low carbon products
- Most banks failing to ingrain climate strategy into business
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Fewer than half the world’s biggest banks are doing enough to forestall climate change that poses risks to their markets and economies.
Most lenders still aren’t producing firm targets for low-carbon financial products that will aid efforts to keep temperatures from rising, according to a survey of 59 banks conducted by Boston Common Asset Management LLC. Even the strongest banks in the survey, including Goldman Sachs Group Inc., still struggle to define a climate strategy at the heart of their business, according to the report published Thursday and backed by more than 100 institutional investors.