Stocks week ahead: The climate crisis is looming large on Wall Street
CNNA version of this story first appeared in CNN Business’ Before the Bell newsletter. What’s happening: The European Central Bank said last week that it will start conducting “in-depth” assessments of how bank balance sheets account for climate risks in 2022. “Ensuring that banks’ balance sheets also reflect climate-related and environmental risks is a prerequisite not only for the resilience of the banking sector, but also for the accurate pricing of these risks,” the ECB’s supervisory arm said in a statement on Wednesday, adding that it will begin discussions with lenders on the new approach early next year. In a first, it directly addressed the implications of climate change for banks in this month’s financial stability report, saying that better disclosure could improve the pricing of climate risks and avoid the kind of abrupt changes to asset prices that cause financial system shocks. More than half the syndicated loans of major US banks are in sectors of the economy that make them vulnerable to the risks posed by climate change, according to sustainability non-profit Ceres.
History of this topic
India’s Banks Know Climate Is Their Biggest Threat
Live Mint
Wall Street bails on climate change coalition after Republican pressure
Salon
Climate accountability: Disclose more, put checks before financing mega projects
New Indian Express
The climate crisis spells both risk and opportunity for the financial world
The Independent
Cop26: Is your bank easing or exacerbating the climate crisis?
The Independent
Investors bet big on climate fight but motives questioned
Associated Press)
International financial body submits roadmap for mitigating climate-related risks to G20
Firstpost
EU harnesses finance to make continent ‘climate neutral’ by 2050
Al Jazeera
Banks must stop funding new fossil fuel projects as fast as possible
The Independent
How UK banks are fuelling the climate crisis in numbers
The Independent
Companies are crucial to solving the climate crisis. 75% are falling short
CNN)
World Bank Revises Climate Change Policy But Stops Short of Halting Fossil Fuel Funding
News 18
Why your banking habits matter for the climate
BBC
Citi CEO: Banks must have the courage to walk away from deals that are bad for the climate (opinion)
CNN
Davos 2020: US bankers don’t want to lead the fight on climate change
CNN
BlackRock is changing its investment strategy because of climate change
CNN
Climate change warning for banks: Do something or see asset prices collapse
CNNAustralia's biggest companies failing to plan for climate change risks: report
ABC
Climate change: Investors with $32 trillion at stake sound the alarm
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