When the U.S. withdrew from the Paris Agreement, business leaders across the country called on the private sector to step up their own efforts to reduce greenhouse gas emissions and ultimately limit global warming to 2 degrees Celsius. From new corporate governance practices to energy efficient upgrades, here’s a look at some of the ways the banking sector is combating climate change.
Eleven global banks — including Barclays, Citigroup, UBS, Banco Santander and TD Bank Financial Group — have started a pilot project to put in motion recommendations of a task force established by Bank of England Gov. Mark Carney, a United Nations arm said Tuesday. Companies feeling the effects of climate change (including credit risks tied to fossil fuel producers) should conduct analyses based on different scenarios and include these results in their financial reports, the task force said.