A group of international financial institutions has combined with the environmental organization The Climate Group to produce guidance for the finance sector on dealing with climate change.
The document, entitled The Climate Principles, is claimed to be the industry’s first global framework on climate change and has already been adopted by HSBC, Munich Re, Standard Chartered and Swiss Re.
The principles cover greenhouse gas emission commitments as well as providing advice on how companies can take account of climate change when designing financial products and services.
Francis Sullivan, HSBC’s environment advisor and chair of the principles, said: ‘The aim is to get signatories to incorporate carbon and climate risk into their research activities and investment decisions, engage with clients to understand climate risks and opportunities, and develop [relevant] products and services.’
All international financial institutions have been invited to support and adopt the new code.
