Mar 13, 02:34 PM

U.N. Coalition Updates Bank Emissions Disclosure Requirements on Wednesday

On Wednesday, a U.N.-backed banking climate coalition updated its guidance for members, now requiring them to disclose more detailed information on how they plan to reduce carbon emissions, including emissions stemming from their capital markets activities. This move aims to enhance transparency and accountability in the financial sector's efforts to combat climate change. The guidance reflects growing concerns over the financial and economic risks posed by climate change, as evidenced by increasing insurance rates and property damage. Insurers are reportedly exiting high-risk areas, with global property catastrophe reinsurance rates seeing a significant increase of 30% at the start of 2024.

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