The Banking Environment Initiative today issued a statement of support for the work of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures:
"The members of the Banking Environment Initiative, all of which are global banks and which have combined assets in excess of $10 trillion, welcome the recommendations of the FSB’s Task Force on Climate-related Financial Disclosures (TCFD).
The core belief of the BEI remains that in order for banks to direct capital towards socially and environmentally sustainable economic development, building strategic alliances between banks and those companies and investors which they serve is a necessity. The TCFD’s work represents a landmark step in pursuit of this objective because it identifies disclosure recommendations that would, if widely and consistently adopted, help enable a common approach across corporate and financial value chains.
Through its secretariat at the University of Cambridge Institute for Sustainability Leadership, the BEI is now engaging the Chief Executives, Board representatives and senior management of the member banks to help understand any challenges associated with implementing the relevant recommendations."
The statement was supported by Barclays, BNP Paribas, BNY Mellon, Lloyds Bank, RBS, Santander and Westpac.