{"id":29765,"date":"2017-07-12T21:14:21","date_gmt":"2017-07-12T21:14:21","guid":{"rendered":"https:\/\/www.un.org\/sustainabledevelopment\/?p=29765"},"modified":"2018-04-22T11:51:24","modified_gmt":"2018-04-22T15:51:24","slug":"eleven-global-banks-partner-with-un-to-make-financial-markets-more-climate-transparent","status":"publish","type":"post","link":"https:\/\/www.un.org\/sustainabledevelopment\/blog\/2017\/07\/eleven-global-banks-partner-with-un-to-make-financial-markets-more-climate-transparent\/","title":{"rendered":"Eleven global banks partner with Ä¢¹½ÊÓƵ to make financial markets more climate transparent"},"content":{"rendered":"<p>Representing over $7 trillion, eleven major financial institutions around the globe have joined forces with the United Nations to promote climate transparency in financial markets, the Organization\u2019s environment wing said today.<\/p>\n<p>According to a news release by the Ä¢¹½ÊÓƵ Environment Programme (<a href=\"http:\/\/www.unep.org\/\">Ä¢¹½ÊÓƵEP<\/a>), ANZ, Barclays, Bradesco, Citi, Ita\u00fa, National Australia Bank, Royal Bank of Canada, Santander, Standard Chartered, TD Bank Group, and UBS have jointly committed to develop analytical tools and indicators to strengthen assessments and disclosures of climate-related risks and opportunities.<\/p>\n<p>\u201cThe message from financial heavyweights is clear \u2013\u00a0<a href=\"http:\/\/www.unep.org\/newscentre\/eleven-worlds-leading-banks-work-united-nations-promote-climate-transparency-financial-markets\">climate change poses a real and serious threat to our economy<\/a>,\u201d said Erik Solheim, the Executive Director of Ä¢¹½ÊÓƵEP, in the release.<\/p>\n<p>\u201cAt the same time, there are enormous business opportunities in taking climate action. Transparency on how financial institutions mitigate the risks and seize the opportunities of a two degrees pathway is crucial to move international markets towards actively supporting a low-carbon and climate-resilient future,\u201d he added.<\/p>\n<p>In the news release, Ä¢¹½ÊÓƵEP noted that increasing the amount of reliable information on financial institutions\u2019 exposure to climate-related risks and opportunities would also strengthen the stability of the financial system and help boost climate-friendly investments.<\/p>\n<p>The partnership between the institutions and the Ä¢¹½ÊÓƵEP Finance Initiative follows the recommendations by the Financial Stability Board (FSB)\u2019s Task Force on Climate-Related Financial Disclosures (TCFD).<\/p>\n<p>The Task Force was mandated by the Board to develop voluntary, consistent climate-related financial risk disclosures for use by companies, investors, lenders and insurers. Its final recommendations were published in June and submitted to the G20 last week.<\/p>\n<p>It is anticipated that results from the undertaking will encourage banks worldwide to adopt such climate-focused efforts.<\/p>\n<p>\u201cAfter the G20, the issue now is about implementation: how can the finance industry put the framework into practice and deliver disclosure that is meaningful? Through this and other industry-led working groups Ä¢¹½ÊÓƵEP FI is helping the finance sector to do just that: move from awareness to action.\u201d said Christian Thimann, Group Head of Strategy, Sustainability and Public Affairs at the AXA Group, Co-Chair of Ä¢¹½ÊÓƵEP Finance Initiative and TCFD Vice-Chair.<\/p>\n<p>&nbsp;<\/p>\n<p>Via <a href=\"https:\/\/www.un.org\/apps\/news\/story.asp?NewsID=57162#.WWaPWNPytBw\">Ä¢¹½ÊÓƵ News Centre<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Representing over $7 trillion, eleven major financial institutions around the globe have joined forces with the United Nations to promote climate transparency in financial markets, the Organization\u2019s environment wing said today.<\/p>\n","protected":false},"author":95,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[20,25,16,4],"tags":[144,369,466],"class_list":["post-29765","post","type-post","status-publish","format-standard","hentry","category-climate-change","category-partnerships","category-economic-growth","category-news","tag-climate-change","tag-economic-growth","tag-partnerships"],"_links":{"self":[{"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/posts\/29765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/comments?post=29765"}],"version-history":[{"count":0,"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/posts\/29765\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/media?parent=29765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/categories?post=29765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/tags?post=29765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}