Post by Markus Wimmer

Hi All, Recently, the United Nations Environment Programme Finance Initiative (UNEP FI) has published a report on “Responsible Banking: Building Foundations“, which is a guide for the global #bankingindustry to respond to, drive and benefit from a sustainable development #economy. Over 40% of the #global #bankingsector has signed up to this critical framework. Take-away: ➢ #banks are currently focussed on issues around #climate and #financial #inclusion - many banks are making considerable #progress setting #targets and engaging with #clients in three main topics: #climate #mitigation, #climate #adaptation, and #financial #inclusion. ➢ In areas such as #climatechange where data and methodologies are more advanced, #banks are establishing impact measurement systems and setting #targets to drive impact - they are also developing the associated customer engagements #strategies, #products, & #services needed for the #climatetransition. ➢ Many #banks lack the ability to track and measure progress due to the limited availability and quality of internal and external #data - they must therefore work together and with #stakeholders to increase the availability of shared #knowledge sources and agree on approaches where #data is not available, such as using national averages or appropriate #proxies. ➢ #banks need to gain technical knowledge and expertise to deepen their understanding of how to review the impacts, both positive and negative, of their activities, #products, & #services across their #portfolios. ➢ Currently, only 15% of #banks identified #biodiversity as an area of significant impact, and 23% identified #humanrights as significant, despite #research and #stakeholders indicating both are important #risks and #impacts to be addressed by the sector. Link: https://lnkd.in/dqwctiMS ⬇️ For more information, see the comments section below - I welcome your feedback! 𝙁𝙚𝙚𝙡 𝙛𝙧𝙚𝙚 𝙩𝙤 𝙛𝙤𝙡𝙡𝙤𝙬 𝙢𝙚 𝙛𝙤𝙧 𝙧𝙚𝙜𝙪𝙡𝙖𝙧 𝙪𝙥𝙙𝙖𝙩𝙚𝙨 𝙤𝙣 #𝙘𝙡𝙞𝙢𝙖𝙩𝙚𝙧𝙞𝙨𝙠 🌍👍🏽 #climaterisk #riskmanagement #environmentalrisk #extremeweather #climate #climatecrisis #climatechange #banking #finance #science #politics #data #unitednations #UN #COP26 #UNEPFI