Big Investors Challenge Banks to Disclose Climate Risk

UK responsible investment non-profit ShareAction and US-based Boston Common Asset Management have organized a letter campaign from 100 investors with combined assets of nearly 2 trillion dollars that asks 62 of the world’s largest banks to disclose financial climate risk. Targeted banks include JP Morgan Chase, Citibank, US Bank, Wells Fargo and other megabanks.

Institutional investors (Green Century Capital, Pax, Trillium, As You Sow, Wallace Global Fund, and many church and interfaith funds) call for enhanced disclosure of banks’ climate-related risks and opportunities and plans to address these risks by banks’ boards and senior executives. A recent study estimates that the value at risk under business-as-usual scenarios may be equivalent to a permanent reduction of between 5% and 20% in portfolio value in just over a decade.

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