Financial regulators around the world have come up with new guidelines that will require all banks to fully assess their carbon impacts on the economy. This guideline will also include carbon reduction goals that will become mandatory for banks.
What this means for banks is that they will have to assess and quantify the organization's climate risk factors. They will have to collect and analyze data and link the improvements to remuneration packages.
Reuters had some more details to report on the new obligations.
Essentially, banks will have to prove that they are accurately measuring and assessing their climate impacts and then taking actions that have a positive impact on greenhouse gasses.
According to regulators, there are very few banks that have been taking such an approach, and because of a lack of voluntary commitments, the decision was made to force these actions through regulations.
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