Climate change

The New York State Department of Financial Services says banks and credit unions under its supervision should limit loan concentrations in vulnerable geographic areas, avoid overexposure to fossil fuel and other legacy businesses and develop financial disclosures detailing climate-related risk.

U.S. banks are taking too narrow of an approach when disclosing their exposure to climate risk and are potentially underestimating possible losses, according to a report released Monday.

Innovation is key in today's dynamic market. Suni Harford, president, asset management at UBS walks us through two significant innovations she drove in the asset management industry this year — including a ground-breaking approach to climate change and sustainable investing.

Goldman Sachs Group is starting a group focused on investment opportunities in clean energy, waste and other sustainability industries, joining several major banks in making climate commitments in recent weeks.

JPMorgan Chase is planning to set emissions targets for its financing portfolio, joining other massive banks in bringing climate goals to its lending activity.

HSBC, Bank of the West and Fannie Mae are among those offering green mortgage bonds, financing commercial clients’ efforts to rein in carbon emissions and developing other novel products that help customers tackle environmental challenges.

Climate First Bank, which would be led by veteran banker Ken LaRoe, would offer loans to help individuals and organizations make environmentally sound decisions.

New rules on shareholder submissions of proxy proposals could help banks fend off demands to disclose more pay data, cut financing to fossil fuels companies and adopt other reforms.

HSBC, Societe Generale, BNP Paribas and other banks, insurance companies and financial firms around the world moved a step closer to reducing their contributions to greenhouse-gas emissions.

Lenders should be subjected to tough reviews of their readiness for economic threats posed by severe weather, required to disclose risks lurking in their portfolios and perhaps forced to set aside extra capital, a government study recently recommended.