Banks Say Tackle Climate Change or Face the Consequences
[Edie News, via greenbiz.com]:
Natural disasters driven by climate change could wreak havoc across the world‰s stock markets and financial sectors, annually costing US$150 billion in the next 10 years, says a group of nearly 300 financial organizations.
The financial industry needs to take the effects on business into account, and has an obligation to contribute to a solution using their investment and business expertise, says CFO of global re-insurer Swiss Re.
Solutions could include commercial banks fully pricing risks from climate change in loan agreements, and giving incentives to schemes that encourage energy efficiency or cleaner fuels. Asset managers should also request information on carbon emissions from the companies in which they invest.


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