Banks seek regulatory guidance on climate transition plans
Lack of agreement on how to identify whether borrowers are converging with net zero targets
Some of the world’s largest banks say they need global standards to classify and measure the financing of transition to a low-carbon economy. While initiatives already exist for individual companies to disclose carbon emissions, there is no consensus on how to define lending that helps carbon emitters to transition to a greener business profile.
Tracey McDermott, group head of conduct and compliance at Standard Chartered and chair of the Net-Zero Banking Alliance (NZBA) said transition finance
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