Climate change

Strong climate policy and continued development of stress-testing tools by central banks are essential to transitioning to carbon neutrality.

HSBC Holdings has suspended executive Stuart Kirk days after he criticized the finance industry for worrying too much about climate change, according to a person familiar with the matter.

The card company and financial institutions are collaborating with cross-border settlement platform Carbonplace to improve processing and risk management for environmentally-focused transactions.

The rule, which runs well over 500 pages, is expected to meet resistance from bankers worried about the regulatory burden of calculating the carbon emissions from their borrowers.

Environmental impact calculators, fee reductions and carbon offsets are becoming part of the playbook for BNY Mellon, Visa, Mastercard, Klarna and others.

Bank of America said it will make all of its plastic credit and debit cards from recycled material beginning next year. 

Bankers trying to get their net-zero CO2 targets certified now face hard deadlines to reduce capital flows to fossil fuels.

JPMorgan Chase said it financed and facilitated $285 billion last year toward its $2.5 trillion, 10-year commitment to initiatives that combat climate change and advance sustainable development. 

Bank of America saw its busiest year on record for sustainable finance deals as demand for environmental, social and governance investments accelerates. 

Canadian Imperial Bank of Commerce plans to cut the emissions intensity of its lending to the oil and gas sector by 2030, part of a plan to reach net-zero emissions from its operations and financing activities by 2050.