Reaching an agreement is seen as a crucial step for the financial industry as pressure grows on it to do more to help with the transition to net-zero
Without a methodology in place, investors are being hampered in tracking the carbon footprint of individual banks, which is an increasingly important part of their shareholder remit.
Morgan Stanley, Barclays, Citigroup, Standard Chartered, HSBC and Britain’s NatWest are among the members of a working group discussing the next steps as part of the industry-led Partnership for Carbon Accounting Financials . Tonia Plakhotniuk, NatWest Markets’ Vice President, Climate & ESG Capital Markets, said that 17 per cent risked “a mismatch” because investors would not account for the remainder themselves.
“100 per cent is clearly too high. We will have to meet somewhere in the middle but I don’t know where,” an executive at a major bank involved in the talks told Reuters.
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