Latest news with #PartnershipforCarbonAccountingFinancials
The Advertiser
03-07-2025
- Business
- The Advertiser
Beyond carbon: big four banks urged to capture more gas
Australia's big four banks are being urged to take greater action against climate change after a study found none were specifically identifying emissions of a major greenhouse gas. The banks' failure to single out methane emissions could undermine their environmental efforts, the study warned, in addition to their failure to phase out support for methane-intensive coal-mining projects. The Institute for Energy Economics and Financial Analysis issued the warning and six recommendations on Thursday after analysing climate reports from the Commonwealth Bank, ANZ, Westpac and NAB. The report comes after Australian research group The Superpower Institute launched an open platform to report methane emissions and after the big big banks were found to have cut lending to fossil fuel companies by more than 20 per cent in two years. The institute's report analysed annual climate reports and climate transition plans from the four banks and found only ANZ covered methane emissions in its environmental reporting, and none recorded methane emissions separately. The lack of methane reporting went against Partnership for Carbon Accounting Financials guidelines, report author and lead coal analyst Anne Knight said, and could diminish the banks' environmental targets. "Australia's major banks have taken significant strides in addressing their climate-related financial risks and setting decarbonisation targets," she said. "However, the credibility and effectiveness of these efforts are undermined by various critical shortcomings, most notably the inconsistent, often inadequate treatment of methane emissions." While all four banks had set targets to phase out financing for thermal coal mining projects by 2030, they did not set similar targets for metallurgical coal mining that used more methane on average. NAB and Westpac had banned support for new metallurgical mining projects this year, but Ms Knight said they had an opportunity to make a bigger climate impact by addressing methane use. "Reducing methane emissions now could have more immediate results at slowing down global warming," she said. "Banks could be doing more to help achieve this." The institute issued six recommendations to banks in the report including explicitly reporting methane emissions, requiring independent verification of methane emissions from clients, and phasing out finance offered to both thermal and metallurgical coal projects. The report follows research from The Superpower Institute that warned Australia's methane emissions from fossil fuel production could be twice as high as current estimates. It also comes after a Macquarie analysis of the major banks' environmental, social and governance plans in December found they had cut lending to fossil fuel businesses by more than 20 per cent in two years. Australia's big four banks are being urged to take greater action against climate change after a study found none were specifically identifying emissions of a major greenhouse gas. The banks' failure to single out methane emissions could undermine their environmental efforts, the study warned, in addition to their failure to phase out support for methane-intensive coal-mining projects. The Institute for Energy Economics and Financial Analysis issued the warning and six recommendations on Thursday after analysing climate reports from the Commonwealth Bank, ANZ, Westpac and NAB. The report comes after Australian research group The Superpower Institute launched an open platform to report methane emissions and after the big big banks were found to have cut lending to fossil fuel companies by more than 20 per cent in two years. The institute's report analysed annual climate reports and climate transition plans from the four banks and found only ANZ covered methane emissions in its environmental reporting, and none recorded methane emissions separately. The lack of methane reporting went against Partnership for Carbon Accounting Financials guidelines, report author and lead coal analyst Anne Knight said, and could diminish the banks' environmental targets. "Australia's major banks have taken significant strides in addressing their climate-related financial risks and setting decarbonisation targets," she said. "However, the credibility and effectiveness of these efforts are undermined by various critical shortcomings, most notably the inconsistent, often inadequate treatment of methane emissions." While all four banks had set targets to phase out financing for thermal coal mining projects by 2030, they did not set similar targets for metallurgical coal mining that used more methane on average. NAB and Westpac had banned support for new metallurgical mining projects this year, but Ms Knight said they had an opportunity to make a bigger climate impact by addressing methane use. "Reducing methane emissions now could have more immediate results at slowing down global warming," she said. "Banks could be doing more to help achieve this." The institute issued six recommendations to banks in the report including explicitly reporting methane emissions, requiring independent verification of methane emissions from clients, and phasing out finance offered to both thermal and metallurgical coal projects. The report follows research from The Superpower Institute that warned Australia's methane emissions from fossil fuel production could be twice as high as current estimates. It also comes after a Macquarie analysis of the major banks' environmental, social and governance plans in December found they had cut lending to fossil fuel businesses by more than 20 per cent in two years. Australia's big four banks are being urged to take greater action against climate change after a study found none were specifically identifying emissions of a major greenhouse gas. The banks' failure to single out methane emissions could undermine their environmental efforts, the study warned, in addition to their failure to phase out support for methane-intensive coal-mining projects. The Institute for Energy Economics and Financial Analysis issued the warning and six recommendations on Thursday after analysing climate reports from the Commonwealth Bank, ANZ, Westpac and NAB. The report comes after Australian research group The Superpower Institute launched an open platform to report methane emissions and after the big big banks were found to have cut lending to fossil fuel companies by more than 20 per cent in two years. The institute's report analysed annual climate reports and climate transition plans from the four banks and found only ANZ covered methane emissions in its environmental reporting, and none recorded methane emissions separately. The lack of methane reporting went against Partnership for Carbon Accounting Financials guidelines, report author and lead coal analyst Anne Knight said, and could diminish the banks' environmental targets. "Australia's major banks have taken significant strides in addressing their climate-related financial risks and setting decarbonisation targets," she said. "However, the credibility and effectiveness of these efforts are undermined by various critical shortcomings, most notably the inconsistent, often inadequate treatment of methane emissions." While all four banks had set targets to phase out financing for thermal coal mining projects by 2030, they did not set similar targets for metallurgical coal mining that used more methane on average. NAB and Westpac had banned support for new metallurgical mining projects this year, but Ms Knight said they had an opportunity to make a bigger climate impact by addressing methane use. "Reducing methane emissions now could have more immediate results at slowing down global warming," she said. "Banks could be doing more to help achieve this." The institute issued six recommendations to banks in the report including explicitly reporting methane emissions, requiring independent verification of methane emissions from clients, and phasing out finance offered to both thermal and metallurgical coal projects. The report follows research from The Superpower Institute that warned Australia's methane emissions from fossil fuel production could be twice as high as current estimates. It also comes after a Macquarie analysis of the major banks' environmental, social and governance plans in December found they had cut lending to fossil fuel businesses by more than 20 per cent in two years. Australia's big four banks are being urged to take greater action against climate change after a study found none were specifically identifying emissions of a major greenhouse gas. The banks' failure to single out methane emissions could undermine their environmental efforts, the study warned, in addition to their failure to phase out support for methane-intensive coal-mining projects. The Institute for Energy Economics and Financial Analysis issued the warning and six recommendations on Thursday after analysing climate reports from the Commonwealth Bank, ANZ, Westpac and NAB. The report comes after Australian research group The Superpower Institute launched an open platform to report methane emissions and after the big big banks were found to have cut lending to fossil fuel companies by more than 20 per cent in two years. The institute's report analysed annual climate reports and climate transition plans from the four banks and found only ANZ covered methane emissions in its environmental reporting, and none recorded methane emissions separately. The lack of methane reporting went against Partnership for Carbon Accounting Financials guidelines, report author and lead coal analyst Anne Knight said, and could diminish the banks' environmental targets. "Australia's major banks have taken significant strides in addressing their climate-related financial risks and setting decarbonisation targets," she said. "However, the credibility and effectiveness of these efforts are undermined by various critical shortcomings, most notably the inconsistent, often inadequate treatment of methane emissions." While all four banks had set targets to phase out financing for thermal coal mining projects by 2030, they did not set similar targets for metallurgical coal mining that used more methane on average. NAB and Westpac had banned support for new metallurgical mining projects this year, but Ms Knight said they had an opportunity to make a bigger climate impact by addressing methane use. "Reducing methane emissions now could have more immediate results at slowing down global warming," she said. "Banks could be doing more to help achieve this." The institute issued six recommendations to banks in the report including explicitly reporting methane emissions, requiring independent verification of methane emissions from clients, and phasing out finance offered to both thermal and metallurgical coal projects. The report follows research from The Superpower Institute that warned Australia's methane emissions from fossil fuel production could be twice as high as current estimates. It also comes after a Macquarie analysis of the major banks' environmental, social and governance plans in December found they had cut lending to fossil fuel businesses by more than 20 per cent in two years.
Perth Now
03-07-2025
- Business
- Perth Now
Beyond carbon: big four banks urged to capture more gas
Australia's big four banks are being urged to take greater action against climate change after a study found none were specifically identifying emissions of a major greenhouse gas. The banks' failure to single out methane emissions could undermine their environmental efforts, the study warned, in addition to their failure to phase out support for methane-intensive coal-mining projects. The Institute for Energy Economics and Financial Analysis issued the warning and six recommendations on Thursday after analysing climate reports from the Commonwealth Bank, ANZ, Westpac and NAB. The report comes after Australian research group The Superpower Institute launched an open platform to report methane emissions and after the big big banks were found to have cut lending to fossil fuel companies by more than 20 per cent in two years. The institute's report analysed annual climate reports and climate transition plans from the four banks and found only ANZ covered methane emissions in its environmental reporting, and none recorded methane emissions separately. The lack of methane reporting went against Partnership for Carbon Accounting Financials guidelines, report author and lead coal analyst Anne Knight said, and could diminish the banks' environmental targets. "Australia's major banks have taken significant strides in addressing their climate-related financial risks and setting decarbonisation targets," she said. "However, the credibility and effectiveness of these efforts are undermined by various critical shortcomings, most notably the inconsistent, often inadequate treatment of methane emissions." While all four banks had set targets to phase out financing for thermal coal mining projects by 2030, they did not set similar targets for metallurgical coal mining that used more methane on average. NAB and Westpac had banned support for new metallurgical mining projects this year, but Ms Knight said they had an opportunity to make a bigger climate impact by addressing methane use. "Reducing methane emissions now could have more immediate results at slowing down global warming," she said. "Banks could be doing more to help achieve this." The institute issued six recommendations to banks in the report including explicitly reporting methane emissions, requiring independent verification of methane emissions from clients, and phasing out finance offered to both thermal and metallurgical coal projects. The report follows research from The Superpower Institute that warned Australia's methane emissions from fossil fuel production could be twice as high as current estimates. It also comes after a Macquarie analysis of the major banks' environmental, social and governance plans in December found they had cut lending to fossil fuel businesses by more than 20 per cent in two years.
West Australian
03-07-2025
- Business
- West Australian
Beyond carbon: big four banks urged to capture more gas
Australia's big four banks are being urged to take greater action against climate change after a study found none were specifically identifying emissions of a major greenhouse gas. The banks' failure to single out methane emissions could undermine their environmental efforts, the study warned, in addition to their failure to phase out support for methane-intensive coal-mining projects. The Institute for Energy Economics and Financial Analysis issued the warning and six recommendations on Thursday after analysing climate reports from the Commonwealth Bank, ANZ, Westpac and NAB. The report comes after Australian research group The Superpower Institute launched an open platform to report methane emissions and after the big big banks were found to have cut lending to fossil fuel companies by more than 20 per cent in two years. The institute's report analysed annual climate reports and climate transition plans from the four banks and found only ANZ covered methane emissions in its environmental reporting, and none recorded methane emissions separately. The lack of methane reporting went against Partnership for Carbon Accounting Financials guidelines, report author and lead coal analyst Anne Knight said, and could diminish the banks' environmental targets. "Australia's major banks have taken significant strides in addressing their climate-related financial risks and setting decarbonisation targets," she said. "However, the credibility and effectiveness of these efforts are undermined by various critical shortcomings, most notably the inconsistent, often inadequate treatment of methane emissions." While all four banks had set targets to phase out financing for thermal coal mining projects by 2030, they did not set similar targets for metallurgical coal mining that used more methane on average. NAB and Westpac had banned support for new metallurgical mining projects this year, but Ms Knight said they had an opportunity to make a bigger climate impact by addressing methane use. "Reducing methane emissions now could have more immediate results at slowing down global warming," she said. "Banks could be doing more to help achieve this." The institute issued six recommendations to banks in the report including explicitly reporting methane emissions, requiring independent verification of methane emissions from clients, and phasing out finance offered to both thermal and metallurgical coal projects. The report follows research from The Superpower Institute that warned Australia's methane emissions from fossil fuel production could be twice as high as current estimates. It also comes after a Macquarie analysis of the major banks' environmental, social and governance plans in December found they had cut lending to fossil fuel businesses by more than 20 per cent in two years.
United News of India
04-06-2025
- Business
- United News of India
AU SFB partners with IFC to integrate climate risk management into core banking strategy
Hyderabad, June 4 (UNI) Marking World Environment Day with a commitment to sustainable finance, AU Small Finance Bank (AU SFB), India's largest small finance bank, on Wednesday said it has partnered with the International Finance Corporation (IFC) to undertake a comprehensive climate risk advisory program. Through this initiative, AU SFB will embed climate risk considerations into its governance frameworks, strategic planning, risk management processes, and ESG disclosures – aligning with global best practices and evolving regulatory expectations, the bank said in a release. IFC will serve as AU SFB's lead ESG and climate risk advisor, supporting AU SFB in addressing the growing need for financial institutions to quantify, disclose, and manage climate-related financial risks. The engagement also aligns with the Reserve Bank of India's recent climate disclosure guidelines and global frameworks such as the Task Force on Climate-related Financial Disclosures (TCFD). The collaboration reaffirms AU SFB's commitment to resilient banking systems and sustainable financial inclusion it will include three key components: A detailed evaluation of AU SFB's loan portfolio exposure to physical hazards such as floods, droughts, and extreme weather events. Using Intergovernmental Panel on Climate Change (IPCC) climate scenarios and long-term projections (up to 2100), this study will produce a risk heatmap highlighting vulnerable geographies and sectors. Analysis of potential financial exposure arising from policy shifts, market transitions, and technological disruptions linked to India's low-carbon goals. AU SFB will use Network for Greening the Financial System (NGFS) scenarios to model these risks. Application of the Partnership for Carbon Accounting Financials methodology to measure financed emissions (Scope 3, Category 15) across key asset classes — including corporate loans, SME finance, real estate, and sovereign bonds — for FY 2024–25 and FY 2025–26. To support the technical execution of this advisory program, IFC will work with StepChange, a specialized climate risk solutions provider, for analytical modeling and quantification. Sanjay Agarwal, Founder, MD & CEO, AU Small Finance Bank, said, " This partnership with IFC represents a strategic inflection point in AU SFB's sustainability journey. By systematically integrating climate considerations into our risk architecture and decision-making, we aim to future-proof our portfolio and mobile capital for India's climate transition. This initiative aligns with our dual commitment to responsible banking and creating sustainable value for all stakeholders." AU SFB has already demonstrated strong sustainability leadership by launching a Green Fixed Deposit product that has raised Rs 1,178 crore as of March 31, 2025, with proceeds allocated exclusively to Renewable Energy and Clean Transportation sectors. The bank has achieved a Sustainalytics ESG Risk Rating of 17.1 (Low Risk) and holds an AA rating in the MSCI ESG assessment. UNI KNR BM
Kuwait Times
22-05-2025
- Business
- Kuwait Times
NBK receives 4 prestigious awards from Euromoney Awards for Excellence in 2025
KUWAIT: In a new accomplishment that affirms its leadership in the banking sector, National Bank of Kuwait received four prestigious awards from Euromoney Awards for Excellence in 2025, the international magazine focused on finance and business. These awards confirm the trust of international and prestigious institutions in NBK's successful strategy and its ability to adapt to fast-paced changes in the banking industry, while maintaining the highest standards of quality and excellence. Moreover, these awards celebrate NBK's exceptional commitment to providing the best and most innovative banking services, and its outstanding efforts in supporting ESG, corporates, diversity and inclusion and digital transformation. Best Bank for ESG Receiving the award of best bank in implementing ESG echoes NBK's deep commitment to adhering to the highest standards of sustainability in its operations. This category measures the extent to which financial institutions incorporate ESG strategies in its services, products, training, professional development, sustainable project financing, carbon emission reduction, in addition to aligning with global sustainability standards. Amal Al-Duwaisan receives the Weyay Bank Award. It should be noted that NBK has excelled in the field of ESG by supporting strategic initiatives and aligning with Kuwait Vision 2035 objectives, and it has always been a key player in many global initiatives, such as being the first bank in Kuwait to join the Partnership for Carbon Accounting Financials (PCAF) global initiative, further reflecting its determination to measure and manage the emissions of its finance and investment portfolios. More of NBK's ESG-related initiatives include being the first financial institution to issue green bonds at $500 million, which confirms its leadership in financing environmentally friendly projects, and adding solar panels in several branches. NBK also implements an ESG risk structure on Group level, and it is committed to adhering to the principles of the UN Global Compact (UNGC). Best for large corporates NBK's essential role in supporting big corporates is strongly reflected in winning the award of best corporate banking in Kuwait. This category seeks exceptional financial performance in corporate banking, corporate portfolio growth, innovative corporate banking products and services, digital transformation in corporate banking, as well as enhancing customer service and expanding service coverage. NBK has proven its remarkable abilityto meet the needs of big corporates by providing comprehensive and innovative financial and advisory services, as it plays a key role in financing grand strategic services that contribute to boosting economic development in Kuwait as well as businesses and entrepreneurs. In addition, NBK enjoys a wide network of relations and experiences that enable it to serve corporates exceptionally and enhance its position as a trusted partner for the private sector and big institutions. Best Bank for diversity and inclusion Euromoney also named NBK as best in diversity and inclusion in Kuwait's banking sector as per several standards, including achieving diversity and inclusion goals, launching relevant programs and initiatives, the number of people positively affected by diversity and inclusion efforts, employee diversity, and providing specialized training and development programs. This award verifies that NBK has made remarkable efforts to establish a diverse and inclusive work environment that encompasses all competencies and provides equal opportunities where all can flourish professionally. Moreover, NBK has constantly worked towards empowering women and increasing their opportunities to obtain leading roles, as well as supporting national professionals, and building a motivational and diverse work environment as it firmly believes that diversity and inclusion are two pillars of institutional success.
