By Steve Viuker
A massive report published earlier this year by Boston Common Asset Management (BCAM) takes banks to task regarding their concerns about climate change.
The report states: “Climate change is fundamentally altering the landscape in which banks operate. More than any other industry, the banking industry’s assets are widely distributed across sectors and markets, making it vulnerable to economic and political uncertainty caused by climate change. Through its lending portfolio, a bank’s total carbon footprint is significantly larger than that of its own operational activities. And yet, banks display little attention to the impacts of their lending, underwriting, and ownership activities.”
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