With sustainable finance expecting to be a crucial factor in the economic recovery in response to Covid-19 and regulators still encouraging banks to actively embed climate-related risks in their business operations and risk management frameworks, Mazars has analysed how 30 of the largest banks worldwide have been handling climate-related financial risks.
The Covid-19 outbreak brings into sharp relief the need to address sustainability risks and improve societal resilience. In its Renewed Sustainable Finance Strategy, which is open for consultation until 15 July 2020, the European Commission sends a clear message: the pandemic has not postponed European long-term sustainability objectives. The EU’s sustainable finance agenda will in fact be a crucial factor in the economic recovery in response to Covid-19 and the financial sector will play a key part in mobilising the necessary capital. Against this background we have analysed how 30 of the largest banks worldwide have been handling climate-related financial risks by consulting their most recently publicly-disclosed information. The objective of this study is to assess the extent to which banks have integrated climate change in the areas of governance, risk management, scenario analysis and disclosures, and their level of readiness for recent and upcoming climate-related supervisory expectations.
Download our full study here to learn more about how some of the largest banks worldwide are responding to the financial risks of climate change.
We count with a multidisciplinary team, consisting of auditors, consultants and legal and tax advisors, specialized in the banking sector, who provide advice to national and international entities with a significant presence in the markets, as well as to national and European regulators and supervisors. Our integrated model, unique in the sector, allows our professionals to become part of a...
We count with a multidisciplinary team –consisting of consultants, auditors and lawyers and tax advisors–, with wide experience in providing advice, implementing and monitoring sustainability and corporate responsibility strategies.
The expansion of Coronavirus (Covid-19), the globalization of society, in general, and of the economy in particular, has led the society and the companies to move in a hostile environment, in a hasty and abrupt manner, without time for their adaptation or anticipation. The health crisis has struck in a generalized manner, affecting all economic fields and sectors.