Large banks in the European Union will have to show how they help or hinder the bloc from meeting climate goals by publishing 'pioneering' indicators from 2024, the EU's banking watchdog said on Monday.
The skyline of the banking district is pictured in Frankfurt, October 21, 2014. REUTERS/Ralph OrlowskiLONDON, Jan 24 - Large banks in the European Union will have to show how they help or hinder the bloc from meeting climate goals by publishing "pioneering" indicators from 2024, the EU's banking watchdog said on Monday.
This will allow investors to compare each bank's exposure to polluting and environmentally-friendly companies, and monitor how fast lenders shift to more sustainable business models."We are pioneers here with templates and key performance indicators to ensure that when banks disclose something, they do it in a consistent way," said Pilar Gutierrez, head of a disclosures unit at the EBA.The EBA said the templates will cover core banking books which include loans.
They will also have to provide details on their exposure to fossil fuel clients, on the greenhouse gas emissions they finance, and on alignment with 2050 net zero goals.The requirements break new ground globally by forcing banks to publish two new ratios from 2024.
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