Banks face pressure to lift the lid on financed emissions

The push to make it easier for investors to measure their exposure to climate change and its associated financial risks globally has gathered pace, with another key body pushing banks to disclose the full picture of their emissions.

International Sustainability Standards Board chairman Emmanuel Faber says more concrete details of requirements are expected by the end of the year. “The biggest banks, the biggest insurers ... I think everybody realises in this industry that it is coming,” he said.Indirect, or “scope 3” emissions, which come from a company’s suppliers and customers, account for the vast bulk of the financial sector’s carbon footprint, Mr Faber said.

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