A group of 19 large banks in the United States and Canada has formed a climate risk consortium in response to calls from investors and regulators that banks work to mitigate climate-related risks within their own operations, as well as similar risks posed by the activities of their clients, customers, and borrowers.
The group, formed with the Risk Management Association (RMA) and financial institutions including Bank of America, Wells Fargo, U.S. Bank, and more, will “develop standards for banks to integrate climate risk management throughout their operations, preparing the industry to help economies transition to a low-carbon future,” according to a press release Wednesday.
