Ceres Ranks Banks On Climate Change

January 11, 2008

Email this story Print this post Add your comments

The banking sector still has a long way to go in confronting the business challenges posed by global climate change, according to a report issued today by Ceres that analyzed climate change governance practices of 40 of the world’s largest banks.In the report, Corporate Governance and Climate Change: The Banking Sector (PDF), Ceres says that a growing number of European, U.S. banks and Japanese banks are responding to the risks and opportunities presented by climate change, primarily by setting internal greenhouse gas reduction targets, boosting climate-related equity research and elevating lending and financing for clean energy projects. But many others are still not addressing climate change and only a handful of the 40 banks have begun integrating climate risks into their core business of lending by pricing carbon into their finance decisions or setting targets to reduce GHG emissions in their lending portfolios.

Using a 1- to 100-point scoring system, the two highest scoring banks were European-based HSBC Holdings and ABN AMRO with 70 points and 66 points, respectively. More than half of the 40 banks scored under 50 points, with a median score of 42 points.

The five highest scoring banks were all based in Europe – HSBC, ABN AMRO, Barclays, HBOS and Deutsche Bank – followed by Citigroup, Bank of America and the Royal Bank of Scotland.According to Ceres:

The banks have issued nearly 100 research reports on climate change and related investment and regulatory strategies, more than half of them in 2007 alone;
34 of the 40 banks responded to the latest climate-disclosure annual survey conducted by the Carbon Disclosure Project, a nonprofit group that seeks information on climate risks and opportunities from companies on behalf of investors;
28 of the banks have calculated and disclosed their GHG emissions from operations and 24 have set some set some type of internal reduction target;
29 of the banks reported their financial support of alternative energy, eight of which alone have provided more than $12 billion of direct financing and investments in renewable energy and other clean energy projects.
Many of the 40 banks have done little or nothing to elevate climate change as a governance priority – a trend that cuts across European, North American and Asian banks alike.

Bank Profiles:

U.S. Banks (pdf)
Canadian Banks (pdf)
European Banks (pdf)
Asia/Pacific Island/Other Banks (pdf)

Listen to the Press Conference here

Email this story Print this post Add your comments

Advertisers

Stay competitive through sustainability.

Find out how at the SAP Sustainability Resource Center. >>

Unclear about the EPA's new GHG Rule?

Learn how it could affect your business. >>

EPA mandatory emissions reporting starts Jan 1st

CSA Standards can help your organization get ready for compliance. Find out how. >>

Survey Results: Product Environmental Compliance Best Practices

How to achieve compliance at a significantly lower cost. Download the full report. >>

Join the Discussion

Recent Daily News [ see all ]

11/24/2009
11/23/2009
11/20/2009

Charts [ see all ]

Government Intervention Required to Drive “Green” Technology

62% of Firms Assign Environmental Team for Green Goals

European Paper Industry Cuts CO2 Emissions by 42% since 1990

S. America Takes Most Urgent View of Copenhagen Talks

Jobs

View All Jobs >> Post a Job >>

Comments and Discussions

Meme Mine on WWF, WRI Make Last-Minute Pitches on Climate Change
"To the voting public, what the scientists say is irrelevant anymore for if you read..."

john on Electronics Boom, E-Cycling Lags
"When we fail to get the word out about e-cycling, we fail our consumers and our industry- I second..."

Btok on Canada Delays GHG Emissions Regs, Russia Ups Emissions Cuts
"http://www.infowars.com/dr-tim -ball-on-the-significance-o..."

ruffie on Wind Power Investments Grow in North America
"Anyone with any knowledge of the energy business in Canada knows that the majority of smart..."

Rod Johnson on Stimulus Package Delivers $2.4 Billion for Electric Vehicle Projects
"Will this stimulus be extended to other electric utility vehicles?"

Charli on Trade Group on EPA Chemical Regs: ‘If Everything is a Priority, Then Nothing is a Priority’
"Thanks Environmental Leader, for..."

James Beddingfield on Oceans May Trap more Carbon than Forests
"Another great thing about an ocean-based carbon sink is that it can’t..."

Environmental Leader