Central banks warn: 13% of global GDP would be at risk by end of century, even before accounting for severe weather events.
Exercise aims to support more robust management of climate-related financial risks across the sector, says governor.
Asset owners and managers encouraged to turn up the heat as banks prove slow to withdraw from historic relationships.
Oil and gas majors may be on the back foot this week, but they’re far from alone in needing to do more.
Transition frameworks need to account for nuances in strategies, asset managers say.
New guidelines incorporate 2018 changes to Corporate Governance Code, including greater stakeholder focus.
Most current business models do not reflect scale of change required.
New principle-based guidance for financial institutions introduces progressive system of transition categories, incorporates broader environmental outcomes.
Disclosures will be required for financial years commencing in 2022 for around 200 organisations.
New guideline indicates that green finance initiatives will be given a greater weighting in financial institutions’ performance evaluations.
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