Climate change poses multiple risks for banks [Yahoo! Finance]
ING Group, N.V. (ING)
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Source: Yahoo! Finance
Non-governmental organisations regularly criticise banks for the glacial speed at which they are moving to take climate change into account. The latest was Reclaim Finance, which alongside several other NGOs took aim at European banks just days ahead of the COP 29 UN climate summit that begins on November 11 in Azerbaijan's capital Baku. - Financial risk - By continuing to finance fossil fuel projects, even as part of a transition to a green economy, banks are continuing to link their fates with the industry. In an October 2022 report, Finance Watch calculated that the world's 60 largest banks held approximately $1.35 trillion in fossil fuel assets on their books. There has been no major change since, according to the NGO's chief economist, Thierry Philipponnat. The problem is that "there is no scenario where in 50 years fossil fuels will have any value," he told AFP. Nations agreed at the COP28 climate summit in Dubai last year to transition away from fossil fuels. A
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