[MCN] Bankers begin disclosing their exposure to climate risks

[Lance Olsen]

16 banks and United Nations produce first guidance to help banking industry become more transparent on climate ... <http://www.unenvironment.org/news-and-stories/press-release/16-banks-and-united-nations-produce-first-guidance-help-banking>
UN Environment (press release) Apr 26, 2018
https://www.unenvironment.org/news-and-stories/press-release/16-banks-and-united-nations-produce-first-guidance-help-banking <https://www.unenvironment.org/news-and-stories/press-release/16-banks-and-united-nations-produce-first-guidance-help-banking>

Excerpts: 

This understanding is fundamental to enable banks to be more transparent about their exposure to climate-related risks and opportunities in line with the TCFD [Task Force on Climate-related Financial Disclosures]. It will also inform banks’ strategies to contribute to and benefit from the low-carbon economic transition and help them engage and support their customers to that effect. This is key because the climate-related risks and opportunities that banks face arise primarily from their services to clients.

“Many of the environmental challenges that the world faces today, especially climate change, can be traced back to one fundamental root cause: short-termism. Financial markets can become a catalyst for action on sustainability, but for that they need to become more long-term oriented,” said Erik Solheim, Head of UN Environment. “The beauty of the TCFD framework is that it encourages organizations to consider and disclose long-term impacts. This change in perspective is what we need to achieve sustainable development. That’s why as UN Environment we are excited to be working with such committed leaders in the finance industry.”

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“My worry is that we may have passed the window of opportunity where learning is still useful,” Schlesinger says.

John Bohannan, ”Trying to Lasso Climate Uncertainty.” 
SCIENCE, 13 OCTOBER 2006

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NATURE  August 30, 2007
CORRESPONDENCE

Climate: Sawyer predicted rate of warming in 1972

2 excerpts:
 
SIR - Thirty-five years ago this week, Nature published a paper titled 'Man-made carbon dioxide and the "greenhouse" effect' by the eminent atmospheric scientist J. S. Sawyer (Nature 239, 23-26; 1972). In four pages Sawyer summarized what was known about the role of carbon dioxide in enhancing the natural greenhouse effect, and made a remarkable prediction of the warming expected at the end of the twentieth century. 

Despite huge efforts, and advances in the science, the scientific consensus on the amount of global warming expected from increasing atmospheric carbon dioxide concentrations has changed little from that in Sawyer's time.

Neville Nicholls
School of Geography and Environmental Science,
Monash University, Victoria 3800, Australia




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