WWF and Allianz Group launch joint report Climate Change and the Financial Sector
WWF and Allianz Group launch joint report Climate Change and the Financial Sector Entitled “Climate Change and the Financial Sector: An Agenda for Action”.
The report identifies both risks and opportunities due to climate change for financial service providers in asset management, banking and insurance and provides 21 recommendations on how to act.
The report finds that with climate change policies increasingly being
implemented (such as the European Emission Trading System) financial institutions (FIs) face risks in particular when doing business with corporate clients that do not have a proactive carbon management strategy.
Allianz board member and CEO Joachim Faber has announced that Allianz Group will address climate change at board level and will put it on a par with other business risks when taking decisions. The Group also called for a reliable, longer term policy framework leading to deep emissions cuts and pledged to grow investments in renewable energies by 300 to 500 million euros over the next five years.
Allianz have further established an “Allianz Climate Core Group” to illustrate the strong commitment of the Group.
The report is available online at: http://www.panda.org/epo