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Rather than simply considering whether a prospective borrower's business contributes to climate change, banks are slowly turning their attention to making sure borrowers in a variety of industries account for how climate change could affect them.
August 18 -
Several big banks have hired environmental professionals from far outside the world of banking to make sure banks' clients aren't doing things to threaten water quality, public health or worker safety. The executives' job is to protect their banks' credit books and reputations.
May 21 -
Chief Executive Brian Moynihan faced angry comments from more than 30 shareholders, but most criticized the company's financing of the coal industry, not its mortgage servicing or foreclosure practices.
May 8
The six largest U.S. banks have jointly issued support for a "strong global climate agreement," ahead of a global summit on climate change in Paris in December.
The banks issued the statement on Monday through Ceres, a nonprofit environmental advocacy group, as the United Nations General Assembly is ongoing in New York. Several world leaders have discussed climate change at the General Assembly meetings.
The six banks — Bank of America, Citi, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo — said that they have committed "significant resources toward financing climate solutions" and called on governments to establish "policy frameworks" to encourage additional investments.
"Financing sustainable solutions that matter is central to our business success," Valerie Smith, Citi's director of corporate sustainability said in a Ceres news release. "We are increasingly working with our clients across various sectors to not only manage and mitigate risks but also recognize opportunities associated with addressing climate change."
The banks affirmed that greenhouse gasses are "warming the planet" and are "posing significant risks to the prosperity and growth of the global economy." They called for implementing policies that recognize the high costs of the continued use of carbon.
Several world leaders have discussed climate change on the sidelines of the General Assembly meetings, in advance of a global summit on climate change to be held in Paris in December.
