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Bankrolling Climate Disruption: BankTrack announces a report on The Impacts of the Banking Sector's Financed Emissions

We are writing this email to notify you about a new report released yesterday by the Rainforest Action Network and BankTrack.  The report, Bankrolling Climate Disruption: The Impacts of the Banking Sector’s Financed Emissions, spells out the swift action that the banking sector must take to account for and reduce its biggest impact on the climate: the emissions it finances. You can also read the blog post on the report here.

The report finds that:

·      Time is running out for banks to finance the transition to a low-carbon economy – By the end of the decade, locked-in emissions from new infrastructure will make it impossible to limit global greenhouse gas concentrations to safe levels, making it imperative for banks to begin to reduce their financed emissions footprints.

·      The risks involved with financing carbon-intensive companies are growing – A bank’s financed emissions exposes it to reputational risks from a climate-aware public and to financial risks from relationships with companies that will struggle to compete in a carbon-constrained economy.

·      Banks have made environmental financing commitments, but have failed to measure their climate impacts – Major U.S. banks have committed over $100 billion to green financing initiatives, but have not actually measured the net greenhouse gas reductions achieved by these initiatives.

·      Financed emissions measurement tools have been put into practice, but not by private sector banks – Public sector institutions such as the U.S. Overseas Private Investment Corporation have led the way for their private sector counterparts by setting targets to reduce emissions from their financing portfolios.



ID: 48345
Publication date: 01/11/12
   
 

Created: 28/06/13. Last changed: 28/06/13.
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