|
Morgan Stanley, JPMorgan and Bank of America are among the banks
that are weighing an exit as they fear being sued over the
alliance's stringent decarbonisation commitments, the report
said.
The Glasgow Financial Alliance for Net Zero (GFANZ), set up in
2021 by former Bank of England governor Carney, is a coalition
of assets managers, banks and insurance firms representing $130
trillion in assets directed toward tackling climate change.
Some members of the alliance have recently said that they "feel
blindsided by tougher UN climate criteria and are worried about
the legal risks of participation", the report said.
Morgan Stanley, JPMorgan, Bank of America and GFANZ did not
immediately respond to Reuters requests for comment outside
business hours.
The banks' legal departments are particularly anxious about U.S.
Securities and Exchange Commission (SEC) rules around
climate-risk disclosures, the report said. The SEC will soon
require formal disclosures in annual reports about governance,
risk-management and strategy with respect to climate change.
The bankers have also complained that the demands placed on them
are not supported by enough government action on climate change
and that there are fewer members in GFANZ from the world's top
carbon-emitting countries such as China, Russia and India.
GFANZ earlier said it planned to release a series of frameworks,
white papers and other guidance to help its members reach their
climate goals as it prepares for the next UN climate summit in
Egypt in November.
Carney became the chair of Brookfield's asset management
division in August. (This story corrects to remove reference to
Santander in paragraph 2 and 5)
(Reporting by Akanksha Khushi in Bengaluru; Editing by Devika
Syamnath)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
