article thumbnail

Advocates urge regulation of banks’ climate commitments to avoid greenwashing

Corporate Knights

A coalition of environmental groups is calling on the federal government to regulate climate commitments made by banks and other financial institutions to avoid greenwashing and accelerate change. . Treasury Department. .

Banking 361
article thumbnail

Banks Must Radically Change Climate Perspective

Chris Hall

Around 90% of EU banks are exposed to climate transition risks, recent analysis from the ECB shows. Banks globally are increasingly feeling two-pronged pressure from regulators and investors to up their climate ambition and stop financing fossil fuels.

Banking 70
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

If done well, financial regulations play a crucial role in cutting carbon emissions

Corporate Knights

This cannot continue if we are realistically going to achieve the goals of the Paris Agreement and keep global warming below 1.5 ° C. The new OSFI guideline will require banks and insurance companies to disclose the financial risks they face in a world hit by climate change impacts and shifting toward a low-carbon future.

article thumbnail

New UN panel looks to hold companies, governments accountable for net-zero pledges

Corporate Knights

The expert panel’s assessment will include how low-carbon-transition efforts by corporations and sub-national governments align with national commitments made under the Paris Agreement, which aims to limit average increase in temperatures to 1.5°C. Net-zero commitments proliferated ahead of COP26, held last November in Glasgow.

Net Zero 342
article thumbnail

EBA Issues New Climate Disclosures for European Banks

Chris Hall

Once approved by the European Commission, banks will have to start making climate disclosures in 2023, with full phase-in by June 2024. The European Banking Authority (EBA) has published its final standards for how European banks will have to disclose their contribution to the region’s climate targets.

Banking 52
article thumbnail

Regulator Bans HSBC Ads Highlighting Green Activities as Misleading

ESG Today

The ruling comes as financial institutions and other companies increasingly face regulatory scrutiny over greenwashing concerns. Earlier this year, the CEO of Deutsche Bank’s investment arm DWS resigned after police raided the firms’ Frankfurt offices as part of an investigation into greenwashing allegations.

Net Zero 126
article thumbnail

Is the Competition Bureau's probe into RBC's climate claims a warning to other banks?

Corporate Knights

The federal Competition Bureau’s decision to investigate charges of misleading advertising against the Royal Bank of Canada is a sign that federal regulators are paying closer attention to the climate crisis and its causes, says the environmental law charity that filed the case.

Banking 303