Nations across the globe should step up preparations against global risks such as climate change and cyber attacks, EU officials say, as these areas remain the most pressing for global experts surveyed ahead of this year's World Economic Forum (WEF) taking place in Davos next week.
While the assessment of financial risks caused by climate change – like floods and storms – is becoming more widespread in the financial community, the evaluation of broader environmental risks like deforestation or ocean pollution is still a major blank spot for bankers.
Oil majors are “lagging” when it comes to preparing for the low-carbon energy transition, according to a new report from financial watchdog CDP, which nonetheless praised BP, Eni, Equinor, Total, Repsol and Shell for taking the industry’s lead.
The European Commission is preparing to launch a “risk data hub” in the coming months that will help map out loss and damage from natural disasters such as floods, droughts, storms and other extreme weather events that are becoming more frequent with climate change.
87% of assets managed by the world’s 100 largest public pension funds are yet to undergo formal climate risk assessment, according to research published on Tuesday (23 October), with only 15% of them adopting a coal exclusion policy.
A group of financial experts has set out their vision for hardwiring sustainability goals into the European Union’s financial system, calling on 28-country bloc to stop pouring public money into polluting fossil fuels and focus spending on clean energies instead.
INTERVIEW / As the G20 opens in Hamburg this week, Europe needs to reflect on how it can push the global green finance agenda without the United States on board, said Christian Thimann, head of sustainability at French insurance group AXA who chairs an EU high-level group on sustainable finance.
Over 100 business leaders worldwide have backed the final recommendations of a global task force set up by the G20 to disclose how companies manage climate-related risk, in a move that could divert trillions of investments away from polluting fossil fuels.
The mid-term review of the EU’s Capital Markets Union initiative, due on Wednesday (7 June), will mark another step towards the mainstreaming of green finance in Europe, a senior EU official told EURACTIV.
For the first time a majority of global investor heavyweights recognise the financial risks of climate change, according to the results of a major global index rating how investors manage such risks. EURACTIV's partner The Guardian reports.
Pressure is building on global regulators and the European Commission to “stress-test” portfolios of large institutional investors against long-term objectives to reduce climate change, in a move that could shift billions in investment away from fossil fuels.
EXCLUSIVE/ Thousands of cities signing up to the new Covenant of Mayors tomorrow (15 October) will submit reports on their vulnerability to climate change to the European Commission every two years - but are under no obligation to make the information public.